US Laws, Codes, Statutes & Cases

 
  § 1503. Application.
    Except  as  otherwise  provided  in subdivision (c) of section fifteen
  hundred seven and subdivision (m) of section fifteen  hundred  ten  this
  article  does  not apply to (1) a religious corporation, (2) a municipal
  corporation, (3) a cemetery  corporation  owning  a  cemetery  operated,
  supervised   or   controlled  by  or  in  connection  with  a  religious
  corporation or (4) a cemetery belonging to a religious  or  a  municipal
  corporation,  or  operated, supervised or controlled by or in connection
  with a religious corporation unless any officer, member or  employee  of
  any  such  corporation  shall  receive  or  may  be lawfully entitled to
  receive any pecuniary profit from the  operations  thereof,  other  than
  reasonable  compensation  for  services  in effecting one or more of the
  purposes of such corporation or as proper beneficiaries of its  strictly
  charitable  purposes  or unless the organization of any such corporation
  for any of its avowed purposes be a guise or pretense  for  directly  or
  indirectly  making  any  other pecuniary profit for such corporation, or
  for any of its officers, members  or  employees,  and  unless  any  such
  corporation  is  not,  in good faith, organized or conducted exclusively
  for one or more of its stated purposes.