(1) In a disposition of assets under RCW
24.03A.885 through
24.03A.902, property held for charitable purposes by a nonprofit corporation may not be diverted from charitable purposes.
(2) Property held by a nonprofit corporation and restricted to charitable purposes by a gift instrument may not be diverted from the restricted charitable purpose by a disposition of assets under RCW
24.03A.885 through
24.03A.902 unless modified in accordance with RCW
24.03A.190.(3) Property held for charitable purposes pursuant to a trust instrument governed by chapter
11.110 RCW in which the nonprofit corporation is a trustee or a beneficiary may not be diverted from the charitable purposes specified in the trust instrument unless those purposes are modified by the court or pursuant to an agreement between all interested parties, including the attorney general, under chapter
11.96A RCW.
(4) Property held by a nonprofit corporation for charitable purposes upon condition requiring return, transfer, or conveyance, which condition occurs by reason of a disposition of assets under RCW
24.03A.885 through
24.03A.902, must be returned, transferred, or conveyed in accordance with that condition.
(5) A charitable corporation or a corporation holding property for charitable purposes shall deliver to the attorney general of its intent to consummate a disposition, other than a disposition described in RCW
24.03A.885. The notice must be delivered to the attorney general in the form of a record at least twenty days before the meeting at which the proposed disposition is to be approved. Such a disposition may not be implemented without the approval of the attorney general, or the approval of the court in a proceeding to which the attorney general is made a party. In the event that the attorney general does not deliver a notice of objection in the form of a record to the corporation within twenty days after the delivery to the attorney general of notice of the disposition, approval of the disposition is deemed to have been given.
(6) The notice described in subsection (5) of this section shall include:
(a) A statement specifying how the disposition will comply with subsections (1) through (4) of this section; and
(b) A brief description of:
(i) Real property held for charitable purposes that will be included in the disposition, and its nature and location;
(ii) Cash, bank deposits, brokerage accounts, or other financial assets held for charitable purposes that will be included in the disposition in full or in part, and their approximate total fair market value;
(iii) Other personal property held for charitable purposes that will be included in the disposition, and its nature and approximate total fair market value; and
(iv) Any gift restrictions applicable to any property described in (b)(i) through (iii) of this subsection, and the nature of those restrictions.
