Utah Code 16-6a-1301. Distributions prohibited
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Terms Used In Utah Code 16-6a-1301
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Distribution: means the payment of a dividend or any part of the income or profit of a nonprofit corporation to the nonprofit corporation's:
(i) members; (ii) directors; or (iii) officers. See Utah Code 16-6a-102 Except as authorized by Section 16-6a-1302, a nonprofit corporation may not make a distribution.Enacted by Chapter 300, 2000 General Session