§414D-232 Authorized distributions. (a) A corporation may purchase its memberships if, after the purchase is completed:
(1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) The corporation's total assets would be equal to at least the sum of its total liabilities.
(b) Corporations may make distributions upon dissolution in conformity with part XIII.
(c) The public benefit corporation, in conformity with its purposes, may make distributions to and confer benefits on a member or an affiliate that is another public benefit corporation if, after any distribution is completed:
(1) The public benefit corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) The public benefit corporation's total assets would be equal to at least the sum of its total liabilities. [L 2001, c 105, pt of §1; am L 2002, c 130, §58; am L 2010, c 43, §3]
Section: Previous 414d-208 414d-209 414d-210 414d-211 414d-221 414d-222 414d-231 414d-232 414d-233 414d-241 414d-242 414d-243 414d-244 414d-245 414d-245.5 NextLast modified: October 27, 2016