349.425 - “Corporation for public benefit” defined. - Nevada Statutes

349.425  “Corporation for public benefit” defined.  “Corporation for public benefit” means a corporation that is:

      1.  Recognized as exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), future amendments to that section and the corresponding provisions of future internal revenue laws; or

      2.  Organized for a public or charitable purpose and which, upon dissolution, must distribute its assets to the United States, a state, or a person which is recognized as exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), future amendments to that section and the corresponding provisions of future internal revenue laws.

      (Added to NRS by 1997, 497; A 1999, 3357)