Current through L. 2024, c. 185.
Section 13.02 - Authorized distributions(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:(1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and(2) the corporation's total assets would at least equal the sum of its total liabilities.(b) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 14 of this title.Added 1995, No. 179 (Adj. Sess.), § 1, eff. 1/1/1997.