Kentucky Statutes 273A.010 – Entity — Perpetual existence — Powers
Current as of: 2024 | Check for updates
|
Other versions
(1) An unincorporated nonprofit association is a legal entity distinct from its members and managers.
(2) An unincorporated nonprofit association shall have perpetual duration unless the governing principles specify otherwise.
(3) An unincorporated nonprofit association shall have the same powers as an individual to do all things necessary or convenient to carry on its purposes.
(4) An unincorporated nonprofit association may engage in profit-making activities, but profits from any activities shall be used or set aside for the association’s nonprofit purposes.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 13, effective June 24, 2015.
(2) An unincorporated nonprofit association shall have perpetual duration unless the governing principles specify otherwise.
Terms Used In Kentucky Statutes 273A.010
- Governing principles: means the agreements, whether oral, in a record, or implied from its established practices, that govern the purpose or operation of an unincorporated nonprofit association and the rights and obligations of its members and manager. See Kentucky Statutes 273A.005
- Unincorporated nonprofit association: means an unincorporated organization consisting of two (2) or more members joined under an agreement that is oral, in a record, or implied from conduct, for one (1) or more common, nonprofit purposes. See Kentucky Statutes 273A.005
(3) An unincorporated nonprofit association shall have the same powers as an individual to do all things necessary or convenient to carry on its purposes.
(4) An unincorporated nonprofit association may engage in profit-making activities, but profits from any activities shall be used or set aside for the association’s nonprofit purposes.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 34, sec. 13, effective June 24, 2015.