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Ark. Code Ann. § 4-33-1302

Authorized distributions

Known as the Arkansas Nonprofit Corporation Act

The act spans §§ 4–4 (189 sections).

Acts 1993, No. 1147, § 1302; 1999, No. 980, § 1.

(1) A mutual benefit corporation may purchase its memberships if after the purchase is completed: 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.

(3) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq.

(4) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 — 1388, may make distributions to their members in accordance with Subchapter T.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.