Upon the voluntary or involuntary dissolution of a nonprofit corporation, the portion of the assets distributable to any person who is unknown or cannot be found, or who is under disability and there is no person legally competent to receive the distributive portion, shall be reduced to cash and deposited with the State Treasurer and shall be paid over to the person or to his or her legal representative upon satisfactory proof to the State Treasurer of his or her right thereto. The cash shall be held for the owner by the State Treasurer for three years and any cash which remains unclaimed by the owner after three years shall be presumed abandoned and subject to the Uniform Disposition of Unclaimed Property Act.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 3 - Nonprofit Corporations.
Section 10A-3-7.01 - Voluntary Dissolution - Procedure.
Section 10A-3-7.02 - Voluntary Dissolution - Distribution of Assets Generally.
Section 10A-3-7.03 - Voluntary Dissolution - Plan of Distribution of Assets.
Section 10A-3-7.04 - Voluntary Dissolution - Revocation of Voluntary Dissolution Proceedings.
Section 10A-3-7.05 - Voluntary Dissolution - Articles of Dissolution.
Section 10A-3-7.06 - Voluntary Dissolution - Filing of Articles of Dissolution.
Section 10A-3-7.07 - Involuntary Dissolution - Grounds.
Section 10A-3-7.08 - Involuntary Dissolution - Procedure; Notification to Attorney General.
Section 10A-3-7.09 - Involuntary Dissolution - Venue and Service of Process.
Section 10A-3-7.11 - Procedure in Liquidation of Corporation by Court.
Section 10A-3-7.12 - Liquidation - Qualification of Receivers.
Section 10A-3-7.13 - Liquidation - Filing of Claims in Liquidation Proceedings.
Section 10A-3-7.14 - Liquidation - Discontinuance of Liquidation Proceedings.
Section 10A-3-7.15 - Liquidation - Entry of Order of Involuntary Dissolution.
Section 10A-3-7.16 - Filing of Order of Dissolution.