NRS 81.870 Winding up and termination.
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/nv/chapter-81-miscellaneous-organizations/81-870·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 81.870 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 NRS 81.700 to 81.890 , inclusive, 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)applies, pursuant to chapter 120A of NRS.