nonstock corporation

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. [Cases: Corporations 3. C.J.S. Corporations §§ 5–7, 62.]

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词条贡献者

译员Clara，毕业于国内知名法学院，擅长翻译有关建筑领域的法律文件。