[§429-4] Real and personal property; nonprofit association as legatee, devisee, or beneficiary.
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/hi/chapter-429/429-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§429-4] Real and personal property; nonprofit association as legatee, devisee, or beneficiary.
(a)A nonprofit association shall be a legal entity separate from its members for the purposes of acquiring, holding, encumbering, and transferring real and personal property.
(b)A nonprofit association in its name may acquire, hold, encumber, or transfer an estate or interest in real or personal property.
(c)A nonprofit association may be a beneficiary of a trust or contract, a legatee, or a devisee. [L 1999, c 161, pt of §1]