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2018 Indiana Code
TITLE 23. Business and other Associations
ARTICLE 17. NONPROFIT CORPORATIONS
CHAPTER 2. Definitions
23-17-2-10. "Distribution"
Universal Citation: IN Code § 23-17-2-10 (2018)
IC 23-17-2-10 "Distribution"
Sec. 10. (a) "Distribution" means a direct or an indirect transfer of money or other property or incurrence or transfer of indebtedness by a corporation to or for the benefit of a person.
(b) The term includes a dividend and a purchase, redemption, or other acquisition of memberships.
(c) The term does not include payment of reasonable value for property received or services performed or payment of reasonable benefits in furtherance of the corporation's purposes.
As added by P.L.179-1991, SEC.1.
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