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The exact outcome in such a scenario must be detailed in the Articles of Incorporation for said non-profit. The law forbids the officers/board from benefiting
by haZard_OS 9y ago
The exact outcome in such a scenario must be detailed in the Articles of Incorporation for said non-profit.
The law forbids the officers/board from benefiting financially from their non-profit corporation's end, and so many Articles of Incorporation stipulate that, upon the demise of said non-profit corp., all assets and money shall be donated to some specific charity or non-commercial group.