(a) Except as otherwise provided in subsection (b), an unincorporated nonprofit association may not pay dividends or make distributions to a member or manager.
(b) An unincorporated nonprofit association may:
(1) pay reasonable compensation or reimburse reasonable expenses to a member or manager for services rendered;
(2) confer benefits on a member or manager in conformity with its nonprofit purposes;
(3) repurchase a membership and repay a capital contribution made by a member to the extent authorized by its governing principles; or
(4) make distributions of property to members upon winding up and termination to the extent permitted by ยง 4-28-629.
Section: Previous 4-28-619 4-28-620 4-28-621 4-28-622 4-28-623 4-28-624 4-28-625 4-28-626 4-28-627 4-28-628 4-28-629 4-28-630 4-28-631 4-28-632 4-28-633 NextLast modified: November 15, 2016