KRS 275.530: Distribution of assets of nonprofit limited liability company.

The assets of a nonprofit limited liability company in the process of dissolution shall be

applied and distributed as follows:

(1) All liabilities and obligations of the nonprofit limited liability company shall be

paid and discharged or adequate provisions made for them;

(2) Assets received and held by the nonprofit limited liability company upon condition

requiring return, transfer, or conveyance, which condition occurs by reason of the

dissolution, shall be returned, transferred, or conveyed in accordanc e with the

condition's requirements;

(3) Assets received and held by the nonprofit limited liability company subject to

limitations permitting their use only for a nonprofit purpose, but not held upon a

condition requiring return, transfer, or conveyance b y reason of the dissolution,

shall be transferred or conveyed to one (1) or more domestic or foreign nonprofit

corporations, limited liability companies, societies, or organizations engaged in

activities substantially similar to those of the dissolving non profit limited liability

company, pursuant to a plan of distribution; and

(4) Any remaining assets may be distributed to those nonprofit corporations, limited

liability companies, societies, or organizations as may be specified in a plan of

dissolution, in cluding those that are members of the nonprofit limited liability

companies.