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.
(Added to NRS by 2009, 699)
Structure Nevada Revised Statutes
Chapter 81 - Miscellaneous Organizations
NRS 81.0026 - Prohibition against formation of entity for certain illegal purposes.
NRS 81.0027 - Form required for filing of records.
NRS 81.003 - Filing of records written in language other than English.
NRS 81.010 - Formation; applicable law; revival of certain expired corporations.
NRS 81.030 - Memberships: Certificates; transfer and assignment.
NRS 81.040 - Articles of incorporation: Required provisions.
NRS 81.050 - Articles of incorporation: Optional provisions.
NRS 81.060 - Articles of incorporation: Filing requirements; acceptable evidence of incorporation.
NRS 81.070 - Amendment of articles of incorporation.
NRS 81.080 - Bylaws: Adoption; amendment; effectiveness.
NRS 81.090 - Bylaws: Optional provisions.
NRS 81.100 - Bylaws: Provisions for unequal property rights.
NRS 81.120 - Marketing contracts: Powers of corporation; title to property.
NRS 81.130 - Consolidation of cooperative corporations: Procedure; powers.
NRS 81.150 - Right of corporation to do business: Quo warranto proceedings.
NRS 81.160 - Applicability of NRS 81.010 to 81.160, inclusive.
NRS 81.170 - "Lawful business" defined; construction of NRS 81.170 to 81.270, inclusive.
NRS 81.190 - Members: Qualifications, rights, interest and duties.
NRS 81.200 - Articles of association: Filing requirements; required provisions.
NRS 81.210 - Purpose of business may be changed; amendment of articles.
NRS 81.230 - Bylaws: Adoption; amendment; required and optional provisions.
NRS 81.240 - Bylaws: Required and optional provisions concerning profits.
NRS 81.250 - Recording and maintaining of bylaws and amendments.
NRS 81.270 - Succession to membership: Nomination and transfer on death.
NRS 81.410 - Formation; applicable law.
NRS 81.420 - No capital stock; not to be carried on for profit.
NRS 81.430 - Memberships: Certificates; transfer and assignment.
NRS 81.440 - Articles of incorporation: Required provisions.
NRS 81.450 - Articles of incorporation: Filing requirements; acceptable evidence of incorporation.
NRS 81.470 - Bylaws: Adoption; amendment; effectiveness.
NRS 81.480 - Bylaws: Optional provisions.
NRS 81.490 - Bylaws: Provisions for unequal voting power.
NRS 81.510 - Agreements for unified action by cooperative corporations.
NRS 81.540 - Applicability and effect of NRS 81.410 to 81.540, inclusive.
NRS 81.560 - Declaration of policy.
NRS 81.570 - References to Internal Revenue Code.
NRS 81.600 - "Director" defined.
NRS 81.605 - "Governing instrument" defined.
NRS 81.610 - "Private foundation" defined.
NRS 81.620 - Applicability of NRS 81.550 to 81.660, inclusive.
NRS 81.640 - Minimum distributions required.
NRS 81.650 - Amendment of governing instrument: Procedure.
NRS 81.710 - "Established practices" defined.
NRS 81.715 - "Governing principles" defined.
NRS 81.720 - "Manager" defined.
NRS 81.725 - "Member" defined.
NRS 81.730 - "Person" defined.
NRS 81.740 - "Unincorporated nonprofit association" defined.
NRS 81.745 - Relation to other law.
NRS 81.755 - Legal entity; perpetual existence; powers.
NRS 81.760 - Ownership and transfer of property.
NRS 81.765 - Statement of authority as to real property.
NRS 81.775 - Assertion and defense of claims.
NRS 81.780 - Effect of judgment or order.
NRS 81.785 - Appointment of agent to receive service of process; service of process.
NRS 81.790 - Action or proceeding not abated by change in members or managers.
NRS 81.800 - Member not agent.
NRS 81.805 - Certain actions require approval by members.
NRS 81.810 - Meetings of members: Voting, notice and quorum requirements.
NRS 81.815 - Duties of member.
NRS 81.820 - Admission, suspension, dismissal or expulsion of members.
NRS 81.825 - Resignation of member.
NRS 81.830 - Membership interest not transferable.
NRS 81.835 - Selection of managers; management rights of managers.
NRS 81.840 - Duties of managers.
NRS 81.845 - Meetings of managers: Notice and quorum requirements.
NRS 81.850 - Right of member or manager to information.
NRS 81.855 - Distributions prohibited; compensation and other permitted payments.
NRS 81.860 - Reimbursement; indemnification; advancement of expenses.
NRS 81.870 - Winding up and termination.
NRS 81.880 - Transition concerning real and personal property.
NRS 81.885 - Uniformity of application and construction.
NRS 81.890 - Relations to Electronic Signatures in Global and National Commerce Act.
NRS 81.903 - "Member" defined.
NRS 81.905 - "Membership share" defined.
NRS 81.907 - "Patronage" defined.
NRS 81.909 - "Patronage dividend" defined.
NRS 81.911 - "Quorum" defined.
NRS 81.913 - "Worker cooperative" defined.
NRS 81.915 - "Written notice of allocation" defined.
NRS 81.917 - Legislative findings and declarations.
NRS 81.919 - Election of corporation to be governed as worker cooperative; applicable law.
NRS 81.921 - Apportionment and distribution of net earnings and losses.
NRS 81.925 - Reserve accounts; allocation of indivisible reserve account upon dissolution or sale.
NRS 81.927 - Authority to operate as internal capital account cooperative; accounts.
NRS 81.933 - Membership shares; voting power of shares other than membership shares.
NRS 81.935 - Procedure for expulsion, termination or suspension of member.
NRS 81.937 - Action challenging expulsion, termination or suspension of member.
NRS 81.943 - Contents of notice.
NRS 81.945 - Means of providing notice; affidavit is prima facie evidence of proper notice.
NRS 81.949 - Electronic notice of meeting not authorized in certain circumstances.
NRS 81.951 - Meetings adjourned to another time or place.
NRS 81.955 - Use of written ballots.
NRS 81.957 - Revocation of election to be governed as worker cooperative.