15-3-104. LIMITATIONS.

1. A corporation:
   1. Shall not have or issue shares of stock;
   2. Shall not pay dividends or make any disbursement of income to its members, directors or officers;
   3. Shall not loan money or credit to its officers or directors;
   4. May pay compensation only up to a reasonable amount of its members, directors, officers or agents for services rendered; and
   5. May confer benefits upon its members only in conformity with its purposes.
2. A mutual benefit corporation, unless its articles of incorporation or bylaws provide otherwise:
   1. Upon dissolution or final liquidation may make distributions to its members as permitted by this Chapter, and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income; and
   2. May periodically pay refunds to members for fees or dues actually paid which are in excess of the losses, expenses and debts of the corporation, and such refunds shall not be deemed to be dividends or distributions of income.
3. A public benefit corporation shall, upon dissolution of “Public Benefit Corporation” contained in Section 201 of this Chapter, or to the federal government, or to a state, tribe o other local government, for a public purpose, or shall be distributed by a court to another organization to be used in such manner as in the judgment of the court will best accomplish the general purposes for which the dissolved organization was organized.