Winding up and termination

Winding up and termination of an unincorporated nonprofit association shall proceed in accordance with the following rules: (1) All known debts and liabilities shall be paid or adequately provided for. (2) Any property subject to a condition requiring return to the person designated by the donor shall be transferred to that person. (3) Any property subject to a trust shall be distributed in accordance with the trust agreement. (4) Any remaining property shall be distributed as follows: (A) As required by law other than this chapter that requires assets of an association to be distributed to another person with similar nonprofit purposes; (B) In accordance with the association’s governing principles or, in the absence of applicable governing principles, to the members of the association per capita or as the members direct; or (C) If subparagraph (A) or (B) of this paragraph does not apply, in accordance with the law of unclaimed property in the District.