New Hampshire Revised Statutes 301-A:33 – Dissolution
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The provisions of N.H. Rev. Stat. Chapter 292 and 293-A for the dissolution of nonprofit and business corporations shall apply to associations formed under this chapter; provided, however, that the secretary of state shall charge and collect a fee of $25 for filing articles of dissolution and issuing a certificate of dissolution. In the event of dissolution of the association, the assets, after payment of the association’s debts and expenses, shall be distributed in the following manner:
I. The par value or book value, whichever is lower, of the membership certificates or shares shall be returned to the members. Amounts paid on subscriptions shall be returned to subscribers. The amounts allocated in distribution of net savings under N.H. Rev. Stat. § 301-A:28 shall be returned to those members entitled to them.
II. Any surplus remaining after the distributions in paragraph I may be distributed as a contribution to any cooperative association or other nonprofit association to which contributions are deductible from income tax under current internal revenue service regulations.
I. The par value or book value, whichever is lower, of the membership certificates or shares shall be returned to the members. Amounts paid on subscriptions shall be returned to subscribers. The amounts allocated in distribution of net savings under N.H. Rev. Stat. § 301-A:28 shall be returned to those members entitled to them.
Terms Used In New Hampshire Revised Statutes 301-A:33
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. Any surplus remaining after the distributions in paragraph I may be distributed as a contribution to any cooperative association or other nonprofit association to which contributions are deductible from income tax under current internal revenue service regulations.