§ 501B.29 — Winding up and termination

Iowa § 501B.29

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 501B: REVISED UNIFORM UNINCORPORATED NONPROFIT ASSOCIATION ACT

Text

Winding up and termination of an unincorporated nonprofit association shall proceed in
accordance with all of 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 chapter 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.
c. If neither paragraph “a” nor “b” applies, under chapter 556.