383.025. Association to commence business, when--liability of members limited--business to be nonprofit, dividends may be paid, how.

MISSOURI STATUTES AND CODES

383.025. Association to commence business, when--liability of members limited--business to be nonprofit, dividends may be paid, how.

Association to commence business, when--liability of memberslimited--business to be nonprofit, dividends may be paid, how.

383.025. The association may, on the seventh day thereafter, commence todo business. The association shall be a body corporate, and shall do businessas a corporation. No member of the association shall be liable for anyamounts because of his membership in the association other than hisassessments as provided in the articles of association, the bylaws of theassociation or as ordered by the director of the department of insurance,financial institutions and professional registration pursuant to section383.035. The business of the association shall be conducted so as to precludeany distribution of income, profit or property of the association to theindividual members thereof except in payment of claims or indemnities or uponthe final dissolution of the association, but the association may paydividends to its members as long as the association has a positive surplusboth before and after any such dividend is declared.