If a nonprofit association has been inactive for three years or longer, or a different period specified in a document of the nonprofit association, a person in possession or control of personal property of the nonprofit association may transfer custody of the property:

1. (1) If a document of the nonprofit association specifies a person to whom transfer is to be made under those 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, governmental subdivision, agency, or instrumentality.

[L 1999, c 161, pt of §1]