RSA 564-F:20-2005 · Effect of Dissolution

564-F:20-2005 Effect of Dissolution. –

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(a)

A dissolved foundation continues its existence as a legal entity but may not engage in any activities except to the extent necessary or appropriate to wind up its affairs, including:

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(1)

Collecting its property;

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(2)

Disposing of its property that will not be distributed in kind to its beneficiaries or in furtherance of its purposes;

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(3)

Discharging or making provision for discharging its liabilities; and

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(4)

Distributing its remaining property to its beneficiaries or in furtherance of its purposes in accordance with the governing documents.

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(b)

A foundation's dissolution does not:

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(1)

Transfer title to the foundation's property;

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(2)

Subject its directors to duties different from those prescribed in article 11;

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(3)

Subject its protectors to duties different from those prescribed in article 13;

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(4)

Change the provisions for appointment, resignation, or removal of the foundation officials;

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(5)

Change the provisions for amending its governing documents;

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(6)

Prevent commencement of a judicial proceeding by or against the foundation in the foundation's name;

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(7)

Abate or suspend a judicial proceeding pending by or against the foundation on the dissolution's effective date; or

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(8)

Terminate the authority of the foundation's registered agent. Source. 2017, 257:47, eff. Oct. 1, 2017.

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