§ 48-68-104 — Public benefit and mutual benefit corporations

On January 1, 1988, each domestic corporation existing on January 1, 1988, that is or becomes subject to chapters 51-68 of this title, shall be designated as a public benefit or a mutual benefit corporation as follows: (1) Any corporation designated by statute as a public benefit corporation or a mutual benefit corporation is the type of corporation designated by statute; (2) Any corporation which does not come within subdivision (1) but which is recognized as exempt under § 501(c)(3) of the Internal Revenue Code ( 26 U.S.C. § 501(c)(3) ), or any successor section, is a public benefit corporation; (3) Any corporation which does not come within subdivision (1) or (2), but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to the United States, a state or a person which is recognized as exempt under § 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation; and (4) Any corporation which does not come within subdivision (1), (2) or (3) is a mutual benefit corporation.

Legislative History

Acts 1987, ch. 242, § 18.06.