§ 10A-3-7.17 — Deposits with State Treasurer

Alabama § 10A-3-7.17

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 3: Nonprofit Corporations
• Art. 7: Dissolution

Text

Upon the voluntary or involuntary dissolution of a nonprofit corporation, the portion of the assets distributable to any person who is unknown or cannot be found, or who is under disability and there is no person legally competent to receive the distributive portion, shall be reduced to cash and deposited with the State Treasurer and shall be paid over to the person or to his or her legal representative upon satisfactory proof to the State Treasurer of his or her right thereto. The cash shall be held for the owner by the State Treasurer for three years and any cash which remains unclaimed by the owner after three years shall be presumed abandoned and subject to the Uniform Disposition of Unclaimed Property Act.

Legislative History

(Acts 1984, No. 84-290, p. 502, §64; §10-3A-156; amended and renumbered by Act 2009-513, p. 967, §192.)