{"id":94,"date":"2014-10-21T15:04:54","date_gmt":"2014-10-21T15:04:54","guid":{"rendered":"http:\/\/dgclsimplified.com\/?page_id=94"},"modified":"2018-08-16T01:34:10","modified_gmt":"2018-08-16T01:34:10","slug":"%c2%a7-114-application-of-chapter-to-nonstock-corporations","status":"publish","type":"page","link":"https:\/\/simplifiedcodes.com\/?page_id=94","title":{"rendered":"\u00a7 114. Application of chapter to nonstock corporations."},"content":{"rendered":"
    \n
  1. Except as specified\u00a0in subsections (b) and (c), the provisions of this chapter and chapter 5 of this title [i.e., the provisions regarding the corporation franchise tax]\u00a0apply to nonstock corporations in the following manner:\n
      \n
    1. All references to stockholders refer to members of the corporation;<\/li>\n
    2. All references to the board refer to the governing body of the corporation;<\/li>\n
    3. All references to directors or to members of the board refer to members of the governing body of the corporation; and<\/li>\n
    4. All references to stock, capital stock, or shares thereof refer to memberships of a nonprofit nonstock corporation and to membership interests of any other non-stock corporation.<\/li>\n<\/ol>\n<\/li>\n
    5. Subsection (a) shall not apply to:\n
        \n
      1. \u00a0“Sections 102(a)(4), (b)(1) and (2), 109(a), 114, 141, 154, 215, 228, 230(b), 241, 242, 253-258, 271, 276, 311-313, 390, and 503 of this title, which apply to nonstock corporations by their terms:”<\/li>\n
      2. “Sections 102(f), 109(b) (last sentence), 151-153, 155, 156, 157(d), 158, 161-168, 203, 211-214, 216, 219, 222, 231, 243, 244, 251, 252, 267, 274, 275, 324, 391, and 502(a)(5) of this title; and”<\/li>\n
      3. \u00a0“Subchapter XIV [close corporations] and subchapter XV [public benefit corporations] of this chapter.”<\/li>\n<\/ol>\n<\/li>\n
      4. In the case of a nonprofit nonstock corporation, subsection (a) shall not apply to:\n
          \n
        1. The sections and subchapters listed in subsection (b);<\/li>\n
        2. Sections 102(b)(3), 111(a)(2) and (3), 144(a)(2), 217, 218(a) and (b), and 262; and<\/li>\n
        3. Subchapter V [stocks and dividends] and subchapter VI of this chapter [stock transfers] (other than sections 204 and 205).<\/li>\n<\/ol>\n<\/li>\n
        4. For purposes of this chapter:\n
            \n
          1. \u00a0“A ‘charitable nonstock corporation’ is any nonprofit nonstock corporation that is exempt from taxation under \u00a7 501(c)(3) of the United States Internal Revenue Code, or any successor provisions.”<\/li>\n
          2. A \u201cmembership interest\u201d is, unless otherwise provided the charter, a member\u2019s share of the profits and losses of a nonstock corporation, or a member\u2019s right to receive distributions of the nonstock corporation\u2019s assets, or both;<\/li>\n
          3. \u00a0“A ‘nonprofit nonstock corporation’ is a nonstock corporation that does not have membership interests; and”<\/li>\n
          4. \u00a0“A ‘nonstock corporation’ is any corporation organized under this chapter that is not authorized to issue capital stock.\u201d<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

            Except as specified\u00a0in subsections (b) and (c), the provisions of this chapter and chapter 5 of this title [i.e., the provisions regarding the corporation franchise tax]\u00a0apply to nonstock corporations in the following manner: All references to stockholders refer to members of the corporation; All references to the board refer to the governing body of the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":44,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"_links":{"self":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/94"}],"collection":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=94"}],"version-history":[{"count":10,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/94\/revisions"}],"predecessor-version":[{"id":661,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/94\/revisions\/661"}],"up":[{"embeddable":true,"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=\/wp\/v2\/pages\/44"}],"wp:attachment":[{"href":"https:\/\/simplifiedcodes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=94"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}