RCW 24.03A.720
124 words·~1 min read·
/wa/title-24/chapter-24-03a/24-03a-720·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A person who is a member, director, officer, interest holder, or otherwise affiliated with a charitable corporation or any other eligible entity with a charitable purpose may not receive a direct or indirect financial benefit in connection with a merger governed by RCW 24.03A.710 through 24.03A.750 to which the charitable corporation or unincorporated entity is a party unless the person is itself a charitable corporation, the federal government, a tribal government, a state or local government, a governmental subdivision, or an eligible entity that is organized exclusively for charitable purposes. This section does not apply to the receipt of reasonable compensation for services rendered.
[ 2021 c 176 s 3203 .]
Notes:
Effective date — 2021 c 176: See note following RCW 24.03A.005 .