Nonstock Corporation – a “membership corporation” not organized for profit, which does not issue shares of stock as evidence of ownership, but instead is owned by its members, who have no ownership or proprietary interest in the corporation, which operates in accordance with a charter or agreement

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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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