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2017 Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 11 - Nonprofit, Nonshare Corporations and Religious Societies
Mississippi Nonprofit Corporation Act
§ 79-11-293. Authorization for making distributions; conditions for corporation to purchase memberships
Universal Citation: MS Code § 79-11-293 (2017)
- (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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