(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) the corporation's total assets would at least equal the sum of its total liabilities. (b) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq. (c) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 - 1388, may make distributions to their members in accordance with Subchapter T. Acts 1993, No. 1147, § 1302; 1999, No. 980, § 1. (a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) the corporation's total assets would at least equal the sum of its total liabilities. (b) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq. (c) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 - 1388, may make distributions to their members in accordance with Subchapter T. Acts 1993, No. 1147, § 1302; 1999, No. 980, § 1. (a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) the corporation's total assets would at least equal the sum of its total liabilities. (b) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq. (c) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 - 1388, may make distributions to their members in accordance with Subchapter T. Acts 1993, No. 1147, § 1302; 1999, No. 980, § 1. (a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) the corporation's total assets would at least equal the sum of its total liabilities. (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) the corporation's total assets would at least equal the sum of its total liabilities. (b) Corporations may make distributions upon dissolution in conformity with §§ 4-33-1401 et seq. (c) Corporations that are organized and operated as cooperative within the meaning of Subchapter T of the Internal Revenue Code of 1986, as amended, Internal Revenue Code §§ 1381 - 1388, may make distributions to their members in accordance with Subchapter T. Acts 1993, No. 1147, § 1302; 1999, No. 980, § 1.
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