Florida Statutes 617.1302 – Authorized distributions
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(1) A mutual benefit corporation may purchase its memberships pursuant to s. 617.0608 only if, after the purchase is completed:
(a) The mutual benefit corporation is able to pay its debts as they become due in the usual course of its activities; and
Terms Used In Florida Statutes 617.1302
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mutual benefit corporation: means a domestic corporation that is not organized primarily or exclusively for religious purposes; is not recognized as exempt under…. See Florida Statutes 617.01401
(b) The total assets of the mutual benefit corporation at least equal the sum of its total liabilities.
(2) A corporation may make distributions upon dissolution in conformity with the dissolution provisions of this chapter.