SB 1030
Creating Decentralized Unincorporated Nonprofit Association Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes the Decentralized Unincorporated Nonprofit Association Act, creating a legal framework for unincorporated nonprofit associations in West Virginia to operate as recognized entities. It defines key terms, outlines the governance of these associations, including provisions for profit usage, property ownership, liability, and member rights. The bill also addresses matters such as record access, dissolution, mergers, and conversion to other entity types, and establishes a process for electing to be governed by this act.
Key provisions
- Defines ‘Decentralized unincorporated nonprofit association’ and related terms like ‘Administrator,’ ‘Distributed ledger technology,’ and ‘Smart contract.’
- Specifies how profits from these associations can be used.
- Details property ownership and transfer rules for these associations.
- Addresses liability issues, including member liability and indemnification.
- Establishes procedures for member rights, including standing, appointment of service agents, and record access.
- Outlines the process for dissolution, mergers, and conversion to other entities.
- Creates a mechanism for electing to be governed by this act.
- Defines the process for appointing an agent to receive service of process.
Who is affected
- Unincorporated nonprofit associations in West Virginia
- Members of decentralized unincorporated nonprofit associations
- Administrators of decentralized unincorporated nonprofit associations
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