Nev. Rev. Stat. § 81.870
This is the official text of Nev. Rev. Stat. § 81.870, part of Nevada’s Rev. Stat — part of the compiled statutory law of Nevada, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Winding up and termination
Official statutory text
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 .
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 .
Status: in_force · Read it on the official government site
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