10-33-04. Purposes

10-33-04. Purposes

1. Unless otherwise limited in its articles, a corporation has a general purpose of

engaging in any lawful nonprofit activity.

2. A corporation may be incorporated under this chapter for any lawful nonprofit purpose,

unless another statute requires incorporation under a different law. A corporation of

this type engaging in conduct that is regulated by another statute is subject to the

limitations of the other statute, except it may not:

a. Be formed for a purpose involving pecuniary gain to its members, other than to

members that are nonprofit organizations, subdivisions, units, or agencies of the

United States, a state, or a local government; or

b. Pay dividends or other pecuniary remuneration, directly or indirectly, to its

members, excluding members that are nonprofit organizations or subdivisions,

units, or agencies of the United States, a state, or a local government.