273A.130 Winding up and termination. Winding up and termination of an unincorporated nonprofit association shall proceed in accordance with the following rules: (1) All known debts and liabilities shall be paid or adequately provided for; (2) Any property subject to a condition requiring retu rn to the person designated by the donor shall be transferred to that person; (3) Any property subject to a trust shall be distributed in accordance with the trust agreement; and (4) Any remaining property shall be distributed as follows: (a) As required b y law other than this chapter that requires assets of an association to be distributed to another person with similar nonprofit purposes; (b) In accordance with the association's governing principles or, in the absence of applicable governing principles, t o the members of the association per capita or as the members direct; or (c) If neither paragraph (a) nor (b) of this subsection applies, as directed by the appropriate court. Effective: June 24, 2015 History: Created 2015 Ky. Acts ch. 34, sec. 37, effecti ve June 24, 2015.
Kentucky Legal Code