Nonprofit Pay It Forward Act

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MJL

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CONGRESS OF THE
COMMONWEALTH OF REDMONT






A BILL TO

AMEND THE LEGAL ENTITY ACT





The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:


PART I — PRELIMINARIES

1. Short Title and Enactment


(1) This Act may be cited as the "Nonprofit Pay It Forward Act".

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been sponsored by Deputy Speaker MJL.

(4) This Act has been co-sponsored by Gluonmaster.

(5) This Act amends the following acts:

(a) Legal Entity Act

2. Reasons and Intent

(1) A nonprofit which is dissolving has to choose to either give their assets to the government or attempt to return them to their donors. Why not allow them to forward those assets to another nonprofit?

PART II — AMENDMENTS

3. Amendment


(1) Subsection (5) of Section 2, Part VI, of the Legal Entity Act is repealed and the following is substituted in lieu thereof:

(5) Upon voluntary windup and dissolution, any net leftovers shall be (i) transferred to the government, (ii) transferred to another registered non-profit, or (iii) given back equally to the non-profit’s donors up to their total donated amount.
 
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