District of Columbia · Through 2026-08-20 (D.C. Law 26-175)

D.C. Code § 29-404.40: Distributions prohibited.

Where this section sits in the code

Title 29. Business Organizations. [Enacted title]
Chapter 4. Nonprofit Corporations.
Subchapter IV. Memberships and Financial Provisions.
Part E. Financial Provisions.

(a)

Except as permitted under § 29-404.22 or § 29-404.41, a nonprofit corporation shall not pay dividends or make distributions of any part of its assets, income, or profits to its members, directors, delegates, members of a designated body, or officers.

(b)

This section shall not apply to a contract or transaction authorized pursuant to § 29-406.70.

Collected 2026-08-29T05:44:07Z. Source file · JSON

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