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Iowa Code § 504.1302

Authorized distributions

Known as the Revised Iowa Nonprofit Corporation Act

The act spans §§ 504–504 (189 sections).

2004 Acts, ch 1049, §136, 192

1. A mutual benefit corporation may purchase its memberships if, after the purchase is completed, both of the following apply:

a. The corporation will be able to pay its debts as they become due in the usual course of its activities.

b. The corporation’s total assets will at least equal the sum of its total liabilities.

2. Corporations may make distributions upon dissolution in conformity with subchapter XIV.

Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.