238.307. Corporation, creation of, purpose--organization, nonprofit--tax-exempt status. - Missouri Statutes

Corporation, creation of, purpose--organization, nonprofit--tax-exemptstatus.

238.307. 1. A corporation may be created to fund, promote, plan,design, construct, maintain, and operate one or more projects or to assist insuch activity.

2. The corporation shall be a nonmember, nonstock corporation. It shallbe organized under and governed by sections 238.300 to 238.360 and by theprovisions of the general not-for-profit corporation law, chapter 355, RSMo.Any provision of sections 238.300 to 238.360 shall take precedence over anyconflicting provision of chapter 355, RSMo.

3. No part of the earnings or assets of a transportation corporationshall inure to the benefit of any private interests, person, or entity.

4. Property held by and activities of a corporation created under theprovisions of sections 238.300 to 238.360 exist and are conducted for purelycivic, social welfare, and charitable purposes. A transportation corporationshall be exempt from taxation in accordance with article X, section 6 of theMissouri Constitution. The corporation shall not be required to pay any taxesor assessments upon or with respect to a project or property acquired or usedby the corporation or upon income therefrom.

(L. 1990 S.B. 479 & 649 § 13)

Effective 5-30-90