43-33-715 - Nonprofit nature of corporation; directors to serve without compensation; per diem allowance; payment of expenses. - Mississippi Statutes

§ 43-33-715. Nonprofit nature of corporation; directors to serve without compensation; per diem allowance; payment of expenses.
 

The corporation is not created or organized, and its operations shall not be conducted, for the purpose of making a profit. No part of the revenues or assets of the corporation shall inure to the benefit of or be distributable to its directors or officers or other private persons, except as otherwise provided in this article. 
 

Directors of the corporation shall serve without compensation; provided that all members, except ex officio members, shall receive the per diem established in Section 25-3-69, Mississippi Code of 1972, for their attendance at meetings; and all directors shall be entitled to receive reimbursement for any actual and reasonable expenses incurred as a necessary incident to service on the corporation, including mileage, as provided in Section 25-3-41, Mississippi Code of 1972. 
 

Sources: Laws,  1989, ch. 525, § 9, eff from and after July 1, 1989.