1. Unless otherwise limited in its articles, a corporation has a general purpose of
engaging in any lawful nonprofit activity.
2. A corporation may be incorporated under this chapter for any lawful nonprofit purpose,
unless another statute requires incorporation under a different law. A corporation of this type engaging in conduct that is regulated by another statute
is subject to the limitations of the other statute, except it may not:
a. Be formed for a purpose involving pecuniary gain to its members, other than to
members that are nonprofit organizations, subdivisions, units, or agencies of the
United States, a state, or a local government; or
b. Pay dividends or other pecuniary remuneration, directly or indirectly, to its members,
excluding members that are nonprofit organizations or subdivisions, units, or agencies
of the United States, a state, or a local government.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.