All of the following apply to an unincorporated nonprofit association:
(A) It is a legal entity distinct from its members and managers.
(B) It has perpetual duration unless its governing principles specify otherwise.
(C) It has the same powers as an individual to do all things necessary or convenient to carry on its activities.
(D) It may engage in profit-making activities, but any profits from those activities shall be used or set aside for the association's nonprofit purposes.
Added by 129th General AssemblyFile No.79, HB 267, §1, eff. 5/22/2012.