§ 17-32-104 — Profits; prohibitions on distributions and dividends; compensation and other permitted payments

Wyoming § 17-32-104

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 32: WYOMING DECENTRALIZED UNINCORPORATED NONPROFIT

Text

(a) A decentralized unincorporated nonprofit association
may engage in profit-making activities, but profits from any
activities shall be used in furtherance of, or set aside for,
the nonprofit association's common nonprofit purpose.
(b) Except as provided in subsection (c) of this section,
a decentralized unincorporated nonprofit association may not pay
dividends or distribute any part of its income or profits to its
members or administrators or persons outside the nonprofit
association.
(c) A decentralized unincorporated nonprofit association
may:
(i) Pay reasonable compensation or reimburse
reasonable expenses to its members, administrators and persons
outside the nonprofit association for services rendered,
including with respect to the administration and operation of
the nonprofit association, which may include the provisions of
collateral for the self-insurance of the nonprofit association,
voting or participation in the nonprofit association's
operations and activities;
(ii) Confer benefits on its members and
administrators in conformity with its common nonprofit purpose;
(iii) Repurchase membership interests to the extent
authorized by the nonprofit association's governing principles;
and
(iv) Make distributions of property to members upon
winding up and termination of the decentralized unincorporated
nonprofit association to the extent permitted by W.S. 17-32-126.