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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A nonstock cultural corporation earns revenue from events. Officers propose dividing the remaining income among themselves as dividends, arguing that receipt of income makes dividend distribution lawful. No dissolution is involved. Which is correct?

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The proposed dividends conflict with Section86's nonstock restriction; incidental profit is to further the corporate purposes as provided by law. All event income automatically becomes officer property. Every officer may decide a personal dividend without legal authority. A cultural name exempts the entity from the Code.

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