[§429-4]  Real and personal property;nonprofit association as legatee, devisee, or beneficiary.  (a)  Anonprofit association shall be a legal entity separate from its members for thepurposes of acquiring, holding, encumbering, and transferring real and personalproperty.

(b)  A nonprofit association in its name mayacquire, hold, encumber, or transfer an estate or interest in real or personalproperty.

(c)  A nonprofit association may be abeneficiary of a trust or contract, a legatee, or a devisee. [L 1999, c 161, ptof §1]