ISO Line of Business; Non-Profit-Status. The ISO shall not be operated on a for-profit basis. This provision is not intended to require the ISO to maintain its status as an entity not subject to federal or state taxes, to require the ISO to remain a Delaware not-for-profit corporation or to assure that in any particular year that the ISO’s revenues do not exceed its expenses. The ISO shall not pay dividends or use its net earnings other than to offset ISO operating and capital expenses and maintain reasonable reserves.
Appears in 5 contracts
Samples: Transmission Operating Agreement, Transmission Operating Agreement, Transmission Operating Agreement
