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



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



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



(3)  Be in existence and have qualified for tax-exempt
status 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]