§ 13.02.
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/vt/13-02-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 13.02. Authorized distributions
(a)A mutual benefit corporation may purchase its memberships if after the purchase is completed:
(1)the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2)the corporation’s total assets would at least equal the sum of its total liabilities.
(b)A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 14 of this title. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)