A corporation subject to this chapter:
(1) Shall not have or issue shares of stock;
(2) Shall not make any disbursement of income to its members, directors or officers;
(3) Shall not loan money or credit to its officers or directors;
(4) May pay compensation in a reasonable amount to its members, directors or officers for services rendered;
(5) May confer benefits upon its members in conformity with its purposes; and
(6) Upon dissolution or final liquidation may make distributions to its members as permitted by this chapter, and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.
[ 1986 c 240 § 4; 1967 c 235 § 7.]