{"id":11025,"date":"2017-12-17T21:19:54","date_gmt":"2017-12-17T21:19:54","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11025"},"modified":"2017-12-17T21:23:52","modified_gmt":"2017-12-17T21:23:52","slug":"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","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11025","title":{"rendered":"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"},"content":{"rendered":"

\u00a0 \u00a0 This page is continued from Law<\/a> >>>>\u00a0Litigation Terms for Types of Persons<\/em><\/a> >>>>\u00a0Types of Parties<\/em><\/a> >>>>\u00a0Artificial Persons<\/a> >>>> Corporations<\/a> >>>>
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nonstock corporation<\/span>:<\/strong><\/span>
\n(1907)<\/span><\/p>\n

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.\u00a0 *\u00a0 Examples are mutual insurance companies, charitable organizations, and private clubs.<\/strong> [1]<\/span><\/p>\n

1. A membership corporation.\u00a0\u00a0 A corporation not organized for profit and operating under a charter which does not provide for the issuance of stock.\u00a0 American<\/em><\/span> Aberdeen-Angus Breeders Asso. v Fullerton<\/em>, 325 1II 323, 156 NE 314<\/span>; Missionary Baptist State Convention v State<\/em>, 180 Kan 501, 305 P2d 846<\/span>.<\/strong> [2]<\/span><\/p>\n

1. A corporation, usually a nonprofit corporation, that issues no stock and whose members have no ownership or proprietary interest.<\/strong> [3]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

[1]\u00a0Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]:\u00a0Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]:\u00a0Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/a>\u00a0<\/span><\/em>by Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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