Mont. Code Ann. § 35-2-1401
This is the official text of Mont. Code Ann. § 35-2-1401, part of Montana’s Code Ann — part of the compiled statutory law of Montana, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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35-2-1401 Prohibited distributions -- permitted transactions
Official statutory text
35-2-1401 . Prohibited distributions -- permitted transactions. (1) Except as authorized by 35-2-1402 , a corporation may not make any distributions.
(2) A public benefit corporation may, subject to the requirements of Title 15, chapter 31, and this chapter, as applicable:
(a) pay reasonable compensation or reimburse reasonable expenses to members, directors, or officers for services rendered; and
(b) confer benefits upon or make contributions to members in conformity with its charitable purposes if after the transaction is completed:
(i) the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(ii) the corporation's total assets would at least equal the sum of its total liabilities.
(2) A public benefit corporation may, subject to the requirements of Title 15, chapter 31, and this chapter, as applicable:
(a) pay reasonable compensation or reimburse reasonable expenses to members, directors, or officers for services rendered; and
(b) confer benefits upon or make contributions to members in conformity with its charitable purposes if after the transaction is completed:
(i) the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(ii) the corporation's total assets would at least equal the sum of its total liabilities.
Status: in_force · Read it on the official government site
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