Statute · New York Not-for-Profit Corporation Law
N.Y. Not-for-Profit Corp. Law § 508 — Income from corporate activities
N.Y. Not-for-Profit Corp. Law § 508
- Type
- Statute
- Source
- New York Not-for-Profit Corporation Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 508. Income from corporate activities.
Citator
N.Y. Not-for-Profit Corp. Law § 508 — Income from corporate activities is in force in the current edition of the Code, and nothing recorded condemns it.
§ 508. Income from corporate activities.
A corporation whose lawful activities involve among other things the charging of fees or prices for its services or products shall have the right to receive such income and, in so doing, may make an incidental profit. All such incidental profits shall be applied to the maintenance, expansion or operation of the lawful activities of the corporation, and in no case shall be divided or distributed in any manner whatsoever among the members, directors, or officers of the corporation.