Arkansas § 4-28-629 - Winding up and termination.

§ 4-28-629. Winding up and termination.

Winding up and termination of an unincorporated nonprofit association must proceed in accordance with the following rules: All known debts and liabilities must be paid or adequately provided for. Any property subject to a condition requiring return to the person designated by the donor must be transferred to that person. Any property subject to a trust must be distributed in accordance with the trust agreement. Any remaining property must be distributed as follows: as required by law other than this subchapter that requires assets of an association to be distributed to another person with similar nonprofit purposes; 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 if neither subparagraph (A) nor (B) applies, under the Unclaimed Property Act, § 18-28-201 et seq.