[§432C-5]  Transfer of assets to othernonprofit entities.  The commissioner shall determine prior to anyconversion, the nonprofit entities, if any, that are eligible to receive assetsfrom the converting nonprofit entity.  The charitable mission and grant-makingfunctions of each eligible nonprofit entity must:

(1)  Be dedicated to promoting or serving the healthcare needs of residents of the State;

(2)  Not be in direct competition with the convertingnonprofit entity; and

(3)  Be in existence and have qualified for tax-exemptstatus under Title 26 United States Code section 501(c)(3), (4), (8), (9),(26), or (e), before the transfer of assets. [L 1998, c 260, pt of §2]