There Is a Newer Version
of
the New York Consolidated Laws
2021 New York Laws
NPC - Not-For-Profit Corporation
Article 5 - Corporate Finance
508 - Income From Corporate Activities.
Universal Citation:
NY Not for Profit Corp L § 508 (2021)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
§ 508. Income from corporate activities.A corporation whose lawful activities involve among other things the charging of fees or prices for its services or products shall have the right to receive such income and, in so doing, may make an incidental profit. All such incidental profits shall be applied to the maintenance, expansion or operation of the lawful activities of the corporation, and in no case shall be divided or distributed in any manner whatsoever among the members, directors, or officers of the corporation.
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