501B.29 Winding up and termination.
Winding up and termination of an unincorporated nonprofit association shall proceed in accordance with all of 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 chapter 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.
c. If neither paragraph “a” nor “b” applies, under chapter 556.
2010 Acts, ch 1112, §29, 33
Referred to in §501B.26, 501B.28, 501B.30
Structure Iowa Code
Chapter 501B - REVISED UNIFORM UNINCORPORATED NONPROFIT ASSOCIATION ACT
Section 501B.3 - Relation to other law.
Section 501B.4 - Governing law.
Section 501B.5 - Legal entity — perpetual existence — powers.
Section 501B.6 - Ownership and transfer of property.
Section 501B.7 - Statement of authority as to real property.
Section 501B.9 - Assertion and defense of claims.
Section 501B.10 - Effect of judgment or order.
Section 501B.11 - Appointment of agent to receive service of process.
Section 501B.12 - Service of process.
Section 501B.13 - Action or proceeding not abated by change.
Section 501B.15 - Member not agent.
Section 501B.16 - Approval by members.
Section 501B.17 - Meetings of members — voting, notice, and quorum requirements.
Section 501B.18 - Duties of member.
Section 501B.19 - Admission, suspension, dismissal, or expulsion of members.
Section 501B.20 - Member’s resignation.
Section 501B.21 - Membership interest not transferable.
Section 501B.22 - Selection of managers — management rights of managers.
Section 501B.23 - Duties of managers.
Section 501B.24 - Notice and quorum requirements for meetings of managers.
Section 501B.25 - Right of member or manager to information.
Section 501B.26 - Distributions prohibited — compensation and other permitted payments.
Section 501B.27 - Reimbursement — indemnification — advancement of expenses.
Section 501B.28 - Dissolution.
Section 501B.29 - Winding up and termination.
Section 501B.31 - Uniformity of application and construction.
Section 501B.32 - Relation to Electronic Signatures in Global and National Commerce Act.