Legal Question in Business Law in Alaska
Non Profit Board of Directors
Board of Non-profit Educational Organization (gymnastics club) decides they do not want to ''run a business''. Can they sell the assets (equipment), and try to change to Non-profit from an education organization to a ''Booster Club'' without notifying the general membership?
1 Answer from Attorneys
Re: Non Profit Board of Directors
The answer depends on the articles and bylaws of the organization. In Alaska, a nonprofit corporation may be either a membership corporation or a nonmembership corporation. Nonmembership corporations have no general members and are run exclusively by the board of directors.
Generally, any substantial change in the purpose or program, or a sale of all or most of the assets, of a membership corporation requires a vote of the members. The answer is in the articles and bylaws.
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