New York § 508 Income from corporate activities

New York Statutes

§ 508 — Income from corporate activities

New York·Law NPC Not-for-Profit Corporation·Art. 5 Corporate Finance

§ 508. Income from corporate activities.\n  A corporation whose lawful activities involve among other things the\ncharging of fees or prices for its services or products shall have the\nright to receive such income and, in so doing, may make an incidental\nprofit. All such incidental profits shall be applied to the maintenance,\nexpansion or operation of the lawful activities of the corporation, and\nin no case shall be divided or distributed in any manner whatsoever\namong the members, directors, or officers of the corporation.\n

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§ 508. Income from corporate activities.\n A corporation whose lawful activities involve among other things the\ncharging of fees or prices for its services or products shall have the\nright to receive such income and, in so doing, may make an incidental\nprofit. All such incidental profits shall be applied to the maintenance,\nexpansion or operation of the lawful activities of the corporation, and\nin no case shall be divided or distributed in any manner whatsoever\namong the members, directors, or officers of the corporation.\n

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