81.870 - Winding up and termination.
81.870 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)