Ohio Code 1745.50 – Voluntary dissolution
(A) An unincorporated nonprofit association may be dissolved voluntarily in the manner provided in this section.
Terms Used In Ohio Code 1745.50
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Governing principles: means all agreements, whether oral, in a record, or implied from its established practices, or any combination of them, that govern the purpose or operation of an unincorporated nonprofit association and the rights and obligations of its members and managers. See Ohio Code 1745.05
- Manager: means a person, irrespective of the person's designation as director or other designation, that is responsible, alone or in concert with others, for the management of an unincorporated nonprofit association as stated in division (E) of section 1745. See Ohio Code 1745.05
- Unincorporated nonprofit association: means an unincorporated organization, consisting of two or more members joined by mutual consent pursuant to an agreement, written, oral, or inferred from conduct, for one or more common, nonprofit purposes. See Ohio Code 1745.05
(B) A resolution of dissolution for an unincorporated nonprofit association shall set forth all of the following:
(1) That the association elects to be dissolved;
(2) Any additional provision considered necessary with respect to the proposed dissolution and winding up of affairs.
(C) The managers of an unincorporated nonprofit association may adopt a resolution of dissolution in any of the following cases:
(1) If the association has been adjudged bankrupt or has made a general assignment for the benefit of creditors;
(2) By leave of the court, if a receiver has been appointed in a general creditors’ suit or in any suit in which the affairs of the association are to be wound up;
(3) If substantially all of the assets of the association have been sold at judicial sale;
(4) When the period of existence of the association specified in its governing principles has expired or upon the occurrence of another event or condition specified in its governing principles;
(5) If no members of the association can be identified and the association’s operations have been discontinued for at least three years by the managers or, if the association has no incumbent managers, by its last preceding incumbent manager.
(D) The members of an unincorporated nonprofit association may adopt a resolution of dissolution by the affirmative vote of the members.