Nev. Rev. Stat. § 81.855

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 payments
1. 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.

NRS 81.855

Added to NRS by 2009, 698
Added to NRS by 2009, 698