Missouri § 355.661 - Prohibited and authorized distributions.
Full text of Missouri Revised Statutes of Missouri § 355.661 — Prohibited and authorized distributions., with citation guidance and answers to common questions.
§ 355.661. Prohibited and authorized distributions.
1. Except as authorized by subsections 2, 3 and 4 of this section, a corporation shall not make any distributions.
2. A mutual benefit corporation may purchase its memberships if after the purchase is completed:
(1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) The corporation's total assets would at least equal the sum of its total liabilities.
3. Corporations may make distributions upon dissolution in conformity with sections 355.666 to 355.746.
4. Business entities established for the purpose of providing insurance pursuant to sections 537.620 and 537.635 may make distributions in conformity with those sections.
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(L. 1994 H.B. 1095, A.L. 2000 H.B. 1544)
---- end of effective 28 Aug 2000 ----
Frequently Asked Questions About Missouri § 355.661
What does Revised Statutes of Missouri § 355.661 cover?
Section 355.661 ("Prohibited and authorized distributions.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 355.661?
A common citation format is "Revised Statutes of Missouri § 355.661" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 355.661 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.