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nonstock corporation:
(1907)

1. A corporation that does not issue shares of stock as evidence of ownership but instead is owned by its members in accordance with a charter or agreement.  *  Examples are mutual insurance companies, charitable organizations, and private clubs. [1]

1. A membership corporation.   A corporation not organized for profit and operating under a charter which does not provide for the issuance of stock.  American Aberdeen-Angus Breeders Asso. v Fullerton, 325 1II 323, 156 NE 314; Missionary Baptist State Convention v State, 180 Kan 501, 305 P2d 846. [2]

1. A corporation, usually a nonprofit corporation, that issues no stock and whose members have no ownership or proprietary interest. [3]

References:

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[1] Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition by Jack Ballantine (James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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