Disposition of personal property of inactive nonprofit association

7-30-109. Disposition of personal property of inactive nonprofit association. (1) If a nonprofit association has been inactive for three years or longer, a person in possession or control of personal property of the nonprofit association may transfer the property: (a) If a document of the nonprofit association states a person to whom transfer is to be made under those circumstances, to that person; or (b) If no person is so stated, to a nonprofit association or nonprofit corporation pursuing broadly similar purposes or to a government, governmental subdivision, agency, or instrumentality. Source: L. 94: Entire article added, p. 1274, � 1, effective May 22. L. 2003: Entire section amended, p. 2203, � 3, effective July 1, 2004.