81.855 - Distributions prohibited; compensation and other permitted payments. - Nevada Statutes

81.855  Distributions prohibited; compensation and other permitted payments.

      1.  Except as otherwise provided in subsection 2, an unincorporated nonprofit association may not pay dividends or make distributions to a member or manager.

      2.  An unincorporated nonprofit association may:

      (a) Pay reasonable compensation or reimburse reasonable expenses to a member or manager for services rendered;

      (b) Confer benefits on a member or manager in conformity with its nonprofit purposes;

      (c) Repurchase a membership and repay a capital contribution made by a member to the extent authorized by its governing principles; or

      (d) Make distributions of property to members upon winding up and termination to the extent permitted by NRS 81.870.

      (Added to NRS by 2009, 698)