Wyo. Stat. Ann. § 17-19-1302

Purchase of memberships; authorized distributions

Applied in 1 court decision — leading case Tram Tower Townhouse Association v. Beryl Weiner and Leonard Dvorson Neal Norman and Melissa Norman, as Trustees of the Norman Holdings Trust Under Agreement Dated July 12, 2005 Aconcagua Capital, Llc Cliff Bruder Ann Bruder Margaret Armstrong James A. Krentler, as Trustee of the James Krentler Trust Under Agreement Dated April 8, 1987 Frank Perna, Jr. A/K/A Frank Perna John L. Kemmerer, Iii Constance Kemmerer and Michael Healy (2022)

Most recently applied in Tram Tower Townhouse Association v. Beryl Weiner and Leonard Dvorson Neal Norman and Melissa Norman, as Trustees of the Norman Holdings Trust Under Agreement Dated July 12, 2005 Aconcagua Capital, Llc Cliff Bruder Ann Bruder Margaret Armstrong James A. Krentler, as Trustee of the James Krentler Trust Under Agreement Dated April 8, 1987 Frank Perna, Jr. A/K/A Frank Perna John L. Kemmerer, Iii Constance Kemmerer and Michael Healy (May 2022)

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

(i) The corporation would be able to pay its debts as they become due in the usual course of its activities; and (ii) The corporation's total assets would at least equal the sum of its total liabilities.

(b) Corporations may make distributions upon dissolution in conformity with article 14 of this act.

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