§ 11-405. Restrictions on disposition of corporate earnings

Latest version.

   (a) Net earnings. --

   (1) This subsection does not apply to reasonable compensation paid for services rendered to or for the Corporation.

   (2) Net earnings of the Corporation may not inure to the benefit of any individual.

(b) Corporate assets. -- An individual may not share in the distribution of corporate assets on dissolution of the Corporation.

HISTORY: An. Code 1957, art. 10, § 45H(c); 2007, ch. 3, § 2.

                    
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