339.405 Type and structure of corporation; income. - Florida Statutes

339.405 Type and structure of corporation; income.

An authorized corporation must be:

   (1) A nonmember, nonstock, nonprofit corporation incorporated under chapter 617 and approved by the Department of State as a Florida corporation not for profit. No part of its earnings may inure to the benefit of any private interest.

   (2) Organized and operated to promote and develop designated projects pursuant to contract with the department.

   (3) Approved by the department to be operating on behalf of the department and in the best interests of the state.

If the corporation is dissolved, all of its assets shall be turned over to the department.

History. s. 5, ch. 88-271.