17-6805a. Dissolution of nonprofit corporation; federal exemption; disposition of corporate assets.
17-6805a
17-6805a. Dissolution of nonprofit corporation;
federal exemption; disposition of corporate assets.
Notwithstanding any provision of law or the articles of incorporation, the
articles of incorporation of each nonprofit corporation that qualifies
otherwise for an exemption under section 501(c)(3) of the internal revenue code
of 1986, as amended (26 U.S.C. §501(c)(3)), shall be considered to
contain the following provision:
Upon the dissolution of the corporation, the board of directors or governing
body of the corporation, after paying or providing for the payment of all
liabilities of the corporation, shall dispose of all the assets of the
corporation exclusively: (1) In accordance with the purposes of the
corporation, in the manner determined by the board of directors or governing
body, 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 the
district court of the county where the principal office of the corporation is
then located, exclusively for the purposes or to the organizations provided
above, as determined by the court.
History: L. 1983, ch. 80, § 1;
L. 2004, ch. 143, § 59; Jan. 1, 2005.