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Missouri Revised Statutes Title XXIII. Corporations, Associations and Partnerships § 355.661. Prohibited and authorized distributions

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Except as authorized by subsections 2, 3 and 4 of this section, a corporation shall not make any distributions.

2. A mutual benefit 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 at least equal the sum of its total liabilities.

3. Corporations may make distributions upon dissolution in conformity with sections 355.666 to 355.746.

4. Business entities established for the purpose of providing insurance pursuant to sections 537.620 and 537.635 may make distributions in conformity with those sections.

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Cite this article: FindLaw.com - Missouri Revised Statutes Title XXIII. Corporations, Associations and Partnerships § 355.661. Prohibited and authorized distributions - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xxiii-corporations-associations-and-partnerships/mo-rev-st-355-661/

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