3.8.1 Director Liability for Unlawful Distributions
| Jurisdiction | Arizona |
§ 3.8.1 Director Liability for Unlawful Distributions
A.R.S. § 10-11301 prohibits nonprofit corporations from making any “distributions” 292 unless the distribution is upon dissolution of the corporation. A.R.S. § 10-3833 holds a director who votes for a “distribution” in violation of the Arizona Nonprofit Corporation Act personally liable to the corporation for the amount of the distribution that exceeds what would otherwise be a permissible distribution. Arizona community associations that are nonprofit...
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