Benevolent Corporation Law and Legal Definition
A benevolent corporation is a nonprofit corporation created for charitable rather than for business purposes. It is created by a special act of the Legislature.
A benevolent corporation is not established and is not maintained or conducted for pecuniary profit. It has no capital stock and none of its trustees, officers, members or employees receive any pecuniary profit from its operation. [Young Men's Christian Ass'n Retirement Fund, Inc. v. Commissioner, 18 B.T.A. 139, 147 (B.T.A. 1929)]
Legal Definition list
Related Legal Terms
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
- Alaska Native Corporation
- Amended and Restated Articles of Incorporation
- American Municipal Bond Assurance Corporation
- Ancillary Corporation
- Articles of Incorporation
- Benevolent and Protective Order of Elks
- Benevolent Associations
- Benevolent Insurance Company
