Section 86Sec./Art. 86

Definition. - For purposes of this Code and subject to its provisions on dissolution, a nonstock corporation is one where no part of its income is distributable as dividends to its members, trustees, or officers: Provided, That any profit which a nonstock corporation may obtain incidental to its operations shall, whenever necessary or proper, be used for the furtherance of the purpose of purposes for which the corporation was organized, subject to the provisions of this Title.

The provisions governing the stock corporations, when pertinent, shall be applicable to nonstock corporations except as may be covered by specific provisions of this Title.