If a nonprofit association has been inactive for five years or longer, or has been dissolved, a person in possession or control of personal property of the nonprofit association may transfer the property:

1. (1) If a document of a nonprofit association specifies a person to whom transfer is to be made under these circumstances, to that person; or
2. (2) If no person is so specified, to a nonprofit association or nonprofit corporation pursuing broadly similar purposes, or to a government or governmental subdivision, agency, or instrumentality.

(Acts 1995, No. 95-527, p. 1064, §10; §10-3B-10; amended and renumbered by Act 2009-513, p. 967, §320.)