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There remain some serious legal questions about whether the NRA can just up and leave New York. THREAD here: https://twitter.com/timkmak/status/1122285029227401217
Any nonprofit doing business in New York still falls under the jurisdiction of the New York attorney General.
And generally speaking, you need the approval of the NYG before transferring assets/dissolving
And generally speaking, you need the approval of the NYG before transferring assets/dissolving
The NRA appears to be using the 'exit New York' messaging as a way to mask the more important story, which is that they're filing bankruptcy. https://www.wsj.com/articles/national-rifle-association-files-for-bankruptcy-11610746812
Hi also I'm on leave writing a book about the NRA's decline over the past decade. It's scheduled to come out this fall: https://twitter.com/timkmak/status/1131614145932070912
Nonprofit law expert Beth Kingsley tells me that the NRA cannot just dodge New York law by 'moving to Texas.'
Bankruptcy might allow them to resolve debts, but the NRA cannot move its assets to Texas without the approval of NYAG.
Bankruptcy might allow them to resolve debts, but the NRA cannot move its assets to Texas without the approval of NYAG.
