Section 2-10-51

Nonprofit associations.

Associations organized under this article shall be deemed nonprofit, inasmuch as they are not organized to make profits for themselves as such or for their members as such, but only for their members as producers.

(Acts 1921, Ex. Sess., No. 31, p. 38; Code 1923, §7128; Code 1940, T. 2, §86.)