35-2-1401 . Prohibited distributions -- permitted transactions. (1) Except as authorized by 35-2-1402 , a corporation may not make any distributions. (2) A public benefit corporation may, subject to the requirements of Title 15, chapter 31, and this chapter, as applicable: (a) pay reasonable compensation or reimburse reasonable expenses to members, directors, or officers for services rendered; and (b) confer benefits upon or make contributions to members in conformity with its charitable purposes if after the transaction is completed: (i) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (ii) the corporation's total assets would at least equal the sum of its total liabilities.
‹ Prev All Montana 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.