corporation not for profit
- corporation not for profit
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A charitable corporation; a membership; corporation; an eleemosynary corporation.
A proposed corporation is not entitled to incorporation as a "corporation not for profit" where its clear purpose is to confer direct and indirect benefits on its members consisting of a saving of expense or obtaining a service at a cost lower than that which otherwise would be paid therefor, notwithstanding a provision of the articles of incorporation that each member agrees not to accept pecuniary gain or profit from any corporate surplus. The character of a proposed corporation warranting its incorporation as a "corporation not for profit" is determined, not by the authority that probably will actually be exercised by the corporation, but rather by the authority it actually possesses and may exercise under the articles recorded. State ex rel. Russell v Sweeney, 153 Ohio St 66, 91 NE2d 13, 16 AI,R2d 1337.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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