[§429-9]  Disposition of personal propertyof inactive nonprofit association.  If a nonprofit association has beeninactive for three years or longer, or a different period specified in adocument of the nonprofit association, a person in possession or control ofpersonal property of the nonprofit association may transfer custody of theproperty:

(1)  If a document of the nonprofit associationspecifies a person to whom transfer is to be made under those circumstances, tothat person; or

(2)  If no person is so specified, to a nonprofitassociation or nonprofit corporation pursuing broadly similar purposes or to agovernment, governmental subdivision, agency, or instrumentality. [L 1999, c161, pt of §1]