537.635. Entity to be treated as corporation--not to produce profit--may pay dividends, when.
Entity to be treated as corporation--not to produce profit--may paydividends, when.
537.635. The association may, on the seventh day thereafter, commenceto do business. The association shall be a body corporate, and shall dobusiness as a corporation. No member of the association shall be liablefor any amounts because of his or her membership in the association otherthan his or her assessments as provided in the articles of association andthe bylaws of the association. The business of the association shall beconducted so as to preclude any distribution of income, profit or propertyof the association to the individual members thereof except in payment ofclaims or indemnities or upon the final dissolution of the association, butthe association may pay dividends to its members as long as the associationhas a positive surplus both before and after any such dividend is declared.
(L. 1978 H.B. 1650 § 6, A.L. 1999 S.B. 28)