D.C. Code § 29-404.41: Compensation and other permitted payments.
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)
A nonprofit corporation may pay reasonable compensation or reimburse reasonable expenses to members, directors, delegates, members of a designated body, or officers for services rendered.
(b)
A nonprofit corporation may confer benefits upon or make contributions to members or nonmembers in conformity with its purposes, repurchase its memberships only to the extent provided in § 29-404.22, or repay capital contributions, except when:
(1)
The corporation is currently insolvent or would thereby be made insolvent or rendered unable to carry on its purposes; or
(2)
The fair value of the assets of the corporation remaining after the conferring of benefits, contribution, repurchase, or repayment would be insufficient to meet its liabilities.
(c)
A nonprofit corporation may make distributions of cash or property to members upon dissolution or final liquidation only as permitted by this chapter.
Collected 2026-08-29T05:44:07Z. Source file · JSON