355.881. Designation of public, mutual benefit corporations.
Designation of public, mutual benefit corporations.
355.881. On July 1, 1995, each domestic corporationexisting on that date that is or becomes subject to this chaptershall be designated as a public benefit or mutual benefitcorporation as follows:
(1) Any corporation designated by statute as a publicbenefit corporation or a mutual benefit corporation is the typeof corporation designated by statute;
(2) Any corporation which does not come within subdivision(1) of this section but is organized primarily or exclusively forreligious purposes is a public benefit corporation;
(3) Any corporation which does not come within subdivision(1) or (2) of this section but which is recognized as exemptunder section 501(c)(3) of the Internal Revenue Code, or anysuccessor section, is a public benefit corporation;
(4) Any corporation which does not come within subdivision(1), (2) or (3) of this section, but which is organized for apublic or charitable purpose and which upon dissolution mustdistribute its assets to a public benefit corporation, the UnitedStates, a state or a person which is recognized as exempt undersection 501(c)(3) of the Internal Revenue Code, or any successorsection, is a public benefit corporation; and
(5) Any corporation which does not come within subdivision(1), (2), (3) or (4) of this section is a mutual benefitcorporation.
(L. 1994 H.B. 1095)Effective 7-1-95