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Mississippi Code Title 79. Corporations, Associations and Partnerships § 79-11-293

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

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

(2) A corporation may purchase its memberships if after the purchase is completed:

(a) The corporation would be able to pay its debts as they become due in the usual course of its activities; and

(b) The corporation's total assets would at least equal the sum of its total liabilities.

(3) A corporation may make distributions upon dissolution in accordance with the provisions of Section 79-11-101 et seq. relating to dissolution.

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Cite this article: FindLaw.com - Mississippi Code Title 79. Corporations, Associations and Partnerships § 79-11-293 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-79-corporations-associations-and-partnerships/ms-code-sect-79-11-293/

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