Section 42.40.300. Use of corporation assets.

Latest version.

The corporation shall apply all money, property, other assets, and credit of the corporation toward activities authorized by this chapter.  The corporation may not issue shares of stock, pay dividends, make private distributions of assets, make loans to board members or employees, or engage in business for private benefit.  The use of money, property, another asset, or credit of the corporation for a purpose not authorized by law by a person having the possession or control of it is prohibited.

Notes

History

(Sec. 2 ch 153 SLA 1984)

                    
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