355.661. Prohibited and authorized distributions.

Prohibited and authorized distributions.

355.661. 1. Except as authorized by subsections 2, 3 and 4 of thissection, a corporation shall not make any distributions.

2. A mutual benefit corporation may purchase its memberships if afterthe purchase is completed:

(1) The corporation would be able to pay its debts as they become duein the usual course of its activities; and

(2) The corporation's total assets would at least equal the sum of itstotal liabilities.

3. Corporations may make distributions upon dissolution in conformitywith sections 355.666 to 355.746.

4. Business entities established for the purpose of providinginsurance pursuant to sections 537.620 and 537.635, RSMo, may makedistributions in conformity with those sections.

(L. 1994 H.B. 1095, A.L. 2000 H.B. 1544)