§ 4-28-629 — Winding up and termination

Winding up and termination of an unincorporated nonprofit association must proceed in accordance with the following rules: (1) All known debts and liabilities must be paid or adequately provided for. (2) Any property subject to a condition requiring return to the person designated by the donor must be transferred to that person. (3) Any property subject to a trust must be distributed in accordance with the trust agreement. (4) Any remaining property must be distributed as follows: (A) as required by law other than this subchapter that requires assets of an association to be distributed to another person with similar nonprofit purposes; (B) in accordance with the association's governing principles or in the absence of applicable governing principles, to the members of the association per capita or as the members direct; or (C) if neither subparagraph (A) nor (B) applies, under the Unclaimed Property Act, § 18-28-201 et seq.

Legislative History

Acts 2011, No. 202, § 2.