Prohibition Against Private Inurement. No part of the net earnings of the Corporation shall inure to the benefit of, or be distributable to its Members, Directors or trustees, officers, or other private persons, except that the Corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes of the Corporation.
Prohibition Against Private Inurement. Notwithstanding any of the above statements of purposes and powers, no part of the net earnings of the Company will inure to the benefit of, or be distributable to, its Members, directors or trustees, officers, or other private persons; provided that the Company is authorized and empowered to: (i) make cash distributions to its Members where such distributions represent no more than a reduction in dues or contributions previously paid to the Company to support its activities (only to the extent permissible by an organization exempt from taxation under Section 501(c)(6) of the Code), and (ii) pay reasonable compensation for services rendered and to make payments in furtherance of the purposes of the Company. Nothing contained herein will be construed to preclude any director from serving the Company in any other capacity as an officer, agent, employee, or otherwise, and receiving compensation therefore so long as such compensation is approved by a majority of disinterested directors.
Prohibition Against Private Inurement. The Trustees shall not receive compensation for their service as a board member, except that the Corporation shall be authorized and empowered to pay reasonable compensation for services rendered. No part of the net earnings of this corporation shall inure to the benefit of, or be distributed to, its members or trustees, officers, or other private persons, except that the Corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes of this corporation.
Prohibition Against Private Inurement. No part of the net earnings, properties or assets of CARICOOS, on dissolution or otherwise, shall inure to the benefit of, or be distributable to any director, officer and/or member of the Corporation, or any other private person or individual; provided, however, that the Corporation shall be authorized and empowered to pay reasonable compensation for services rendered to or for the Corporation and to make payments and distributions in furtherance of its purposes and goals.
