Section 10.20.136. Shares of stock and dividends prohibited; compensation, benefits, and distributions.

A corporation may not have or issue shares of stock.  No dividend may be paid and no part of the income or profit of a corporation may be distributed to its members, directors, or officers.  A corporation may pay compensation in a reasonable amount to its members, directors, or officers for services rendered, may confer benefits upon its members in conformity with its purposes, and upon dissolution or final liquidation may make distribution to its members as permitted by this chapter, and a payment, benefit, or distribution under this section may not be considered to be a dividend or a distribution of income or profit.

Notes

History

(Sec. 1 ch 99 SLA 1968)