1. A mutual benefit corporation may purchase its memberships if, after the purchase is completed, both of the following apply: a. The corporation will be able to pay itsdebts as they become due in the usual course of itsactivities. b. The corporation’s total assets willat least equal the sum of itstotal liabilities. 2. Corporations may make distributions upon dissolution in conformity with subchapter XIV.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.