Any income of the corporation shall not inure to any member thereof or to any other private person, partnership or corporation, excluding any payment of the nonprofit corporation’s operation and maintenance expenses, any securities requirements, and any other obligations based on contract or tort.
NRS 396.806
Income of nonprofit corporation
Known as the University Securities Law
The act spans §§ 396–396 (367 sections).
(Added to NRS by 1967, 1343)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.