Article Archives >> Lead Stories >> September 1-30, 2007
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Nonprofit Resulting from Consolidation
Does Not Acquire Rights of Constituent
Court says Member of public benefit corporation
may not transfer membership rights to new entity
An appellate court in Missouri has ruled that a nonprofit corporation formed from the consolidation of two other nonprofits does not succeed to the right of one of the constituents to appoint members of the Board of another nonprofit. It has held that the state’s Nonprofit Corporation Law does not permit the “transfer” of membership rights in a public benefit corporation.
Article Archives >> Lead Stories >> September 1-30, 2007
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