Alabama Code 10A-3A-6.41. Compensation and benefits
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Terms Used In Alabama Code 10A-3A-6.41
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A nonprofit corporation may pay reasonable compensation, reasonable payments made in the ordinary course of the nonprofit corporation’s activities and affairs, or reimburse reasonable expenses to its members, directors, or officers for services rendered and may confer reasonable benefits upon its members or nonmembers in conformity with its purposes.