17-22-109. Disposition of personal property of inactive nonprofit association.
(a) If a nonprofit association has been inactive for three (3) years or longer, a person in possession or control of personal property of the nonprofit association may transfer the property:
(i) If a nonprofit association document specifies a person to whom transfer is to be made under these circumstances, to that person; or
(ii) If no person is so specified, to a nonprofit association or nonprofit corporation pursuing broadly similar purposes, or governmental agency.
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