Section 238.307

Title XIV ROADS AND WATERWAYS

Chapter 238

Effective - 30 May 1990, see footnote   

  238.307.  Corporation, creation of, purpose — organization, nonprofit — tax-exempt status. — 1.  A corporation may be created to fund, promote, plan, design, construct, maintain, and operate one or more projects or to assist in such activity.

  2.  The corporation shall be a nonmember, nonstock corporation.  It shall be organized under and governed by sections 238.300 to 238.360 and by the provisions of the general not-for-profit corporation law, chapter 355.  Any provision of sections 238.300 to 238.360 shall take precedence over any conflicting provision of chapter 355.

  3.  No part of the earnings or assets of a transportation corporation shall inure to the benefit of any private interests, person, or entity.

  4.  Property held by and activities of a corporation created under the provisions of sections 238.300 to 238.360 exist and are conducted for purely civic, social welfare, and charitable purposes.  A transportation corporation shall be exempt from taxation in accordance with Article X, Section 6 of the Missouri Constitution.  The corporation shall not be required to pay any taxes or assessments upon or with respect to a project or property acquired or used by the corporation or upon income therefrom.

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(L. 1990 S.B. 479 & 649 § 13)

Effective 5-30-90