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.