§429-9 - Disposition of personal property of inactive nonprofit association.
[§429-9] Disposition of personal property of inactive nonprofit association. If a nonprofit association has been inactive for three years or longer, or a different period specified in a document of the nonprofit association, a person in possession or control of personal property of the nonprofit association may transfer custody of the property:
(1) If a document of the nonprofit association specifies a person to whom transfer is to be made under those circumstances, to that person; or
(2) If no person is so specified, to a nonprofit association or nonprofit corporation pursuing broadly similar purposes or to a government, governmental subdivision, agency, or instrumentality. [L 1999, c 161, pt of §1]