273A.130 Winding up and termination.

150 words·~1 min read·/ky/chapter-273a/273a-130

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Winding up and termination of an unincorporated nonprofit association shall proceed in accordance with the following rules:

(1)All known debts and liabilities shall be paid or adequately provided for;

(2)Any property subject to a condition requiring return to the person designated by the

donor shall be transferred to that person;

(3)Any property subject to a trust shall be distributed in accordance with the trust

agreement; and

(4)Any remaining property shall 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; or

(c)If neither paragraph

(a)nor

(b)of this subsection applies, as directed by the

appropriate court.