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

译员圣强，国际仲裁与争端解决专业，专注翻译各种与跨境争议有关的法律文件。