§429-4 - Real and personal property; nonprofit association as legatee, devisee, or beneficiary.

[§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]