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Texas Business Organizations Code - Section 252.009. Disposition Of Personal Property Of Inactive Nonprofit Association

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 252.009. Disposition Of Personal Property Of Inactive Nonprofit Association

§ 252.009. DISPOSITION OF PERSONAL PROPERTY OF INACTIVE 
NONPROFIT ASSOCIATION.  (a) If a nonprofit association has been 
inactive for three years or longer, or a shorter period as specified 
in a document of the nonprofit association, a person in possession 
or control of personal property of the nonprofit association may 
transfer the custody of the property:
		(1)  if a document of a nonprofit association specifies 
a person to whom transfer is to be made under these circumstances, 
to that person;  or
		(2)  if no person is specified, to a nonprofit 
association or nonprofit corporation pursuing broadly similar 
purposes, or to a government or governmental subdivision, agency, 
or instrumentality.
	(b)  Notwithstanding the above, if a nonprofit association 
is classified under the Internal Revenue Code as a 501(c)(3) 
organization or is or holds itself out to be established or 
operating for a charitable, religious, or educational purpose, as 
defined by Section 501(c)(3), Internal Revenue Code, then any 
distribution must be made to another nonprofit association or 
nonprofit corporation with similar charitable, religious, or 
educational purposes.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007