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4-28-629. Winding up and termination.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-28-629. 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 this subchapter 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 subparagraph (A) nor (B) applies, under the Unclaimed Property Act, § 18-28-201 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-28-629
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-28-629
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 34e2c6e811d7fa1d6bb01b86294bb819cd6e4e1f5a4379e094a8d9c810ae328a
Source location: content.xml paragraph 19571
Stored source content
4-28-629. 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 this subchapter 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 subparagraph (A) nor (B) applies, under the Unclaimed Property Act, § 18-28-201 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-201. Definitions.
In this subchapter:
(1) “Administrator” means the Auditor of State.
(2) “Apparent owner” means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder.
(3) “Business association” means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one (1) or more persons, whether or not for profit.
(4) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation.
(5) “Financial organization” means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization, or credit union.
(6) “Holder” means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this subchapter.
(7) “Insurance company” means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, and workers' compensation insurance.
(8) “Mineral” means gas; oil; coal; other gaseous, liquid, and solid hydrocarbons; oil shale; cement material; sand and gravel; road material; building stone; chemical raw material; gemstone; fission
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-28-201. This identifies an authority to review, not proof of applicability.