17-6805a.   Dissolution of nonprofit corporation;federal exemption; disposition of corporate assets.Notwithstanding any provision of law or the articles of incorporation, thearticles of incorporation of each nonprofit corporation that qualifiesotherwise for an exemption under section 501(c)(3) of the internal revenue codeof 1986, as amended (26 U.S.C. §501(c)(3)), shall be considered tocontain the following provision:

      Upon the dissolution of the corporation, the board of directors or governingbody of the corporation, after paying or providing for the payment of allliabilities of the corporation, shall dispose of all the assets of thecorporation exclusively: (1) In accordance with the purposes of thecorporation, in the manner determined by the board of directors or governingbody, or (2) to organizations qualified for exemption under section 501(c)(3)of the internal revenue code of 1986, as amended (26 U.S.C.§501(c)(3)), and specified by the board of directors or governing body.Any assets of the corporation not so disposed of shall be disposed of by thedistrict court of the county where the principal office of the corporation isthen located, exclusively for the purposes or to the organizations providedabove, as determined by the court.

      History:   L. 1983, ch. 80, § 1;L. 2004, ch. 143, § 59; Jan. 1, 2005.