Section 275.530 - Distribution of assets of nonprofit limited liability companyThe assets of a nonprofit limited liability company in the process of dissolution shall be applied and distributed as follows:
(1) All liabilities and obligations of the nonprofit limited liability company shall be paid and discharged or adequate provisions made for them;(2) Assets received and held by the nonprofit limited liability company upon condition requiring return, transfer, or conveyance, which condition occurs by reason of the dissolution, shall be returned, transferred, or conveyed in accordance with the condition's requirements;(3) Assets received and held by the nonprofit limited liability company subject to limitations permitting their use only for a nonprofit purpose, but not held upon a condition requiring return, transfer, or conveyance by reason of the dissolution, shall be transferred or conveyed to one (1) or more domestic or foreign nonprofit corporations, limited liability companies, societies, or organizations engaged in activities substantially similar to those of the dissolving nonprofit limited liability company, pursuant to a plan of distribution; and(4) Any remaining assets may be distributed to those nonprofit corporations, limited liability companies, societies, or organizations as may be specified in a plan of dissolution, including those that are members of the nonprofit limited liability companies.Effective:7/15/2010
Repealed and reenacted 2010, Ky. Acts ch. 51, sec. 11, effective7/15/2010. -- Created 2007, Ky. Acts ch. 137, sec. 11, effective 6/26/2007.