NRS81.870. Winding up and termination.

  Winding up and termination of an unincorporated nonprofit association must proceed in accordance with the following rules:

      1.  All known debts and liabilities must be paid or adequately provided for.

      2.  Any property subject to a condition requiring return to the person designated by the donor must be transferred to that person.

      3.  Any property subject to a trust must be distributed in accordance with the trust agreement.

      4.  Any remaining property must be distributed as follows:

      (a) As required by law other than NRS 81.700 to 81.890, inclusive, 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, to the members of the association per capita or as the members direct; or

      (c) If neither paragraph (a) nor (b) applies, pursuant to chapter 120A of NRS.

      (Added to NRS by 2009, 699)