Iowa Code § 504.1302
Authorized distributions
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
1. A mutual benefit corporation may purchase its memberships if, after the purchase is completed, both of the following apply:
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.
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.
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.
2. Corporations may make distributions upon dissolution in conformity with subchapter XIV.
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.