Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 81.855 - Distributions prohibited; compensation and other permitted payments1. Except as otherwise provided in subsection 2, an unincorporated nonprofit association may not pay dividends or make distributions to a member or manager.2. An unincorporated nonprofit association may:(a) Pay reasonable compensation or reimburse reasonable expenses to a member or manager for services rendered;(b) Confer benefits on a member or manager in conformity with its nonprofit purposes;(c) Repurchase a membership and repay a capital contribution made by a member to the extent authorized by its governing principles; or(d) Make distributions of property to members upon winding up and termination to the extent permitted by NRS 81.870.Added to NRS by 2009, 698Added to NRS by 2009, 698