§432C-5 Transfer of assets to other nonprofit entities. The commissioner shall determine prior to any conversion, the nonprofit entities, if any, that are eligible to receive assets from the converting nonprofit entity. The charitable mission and grant-making functions of each eligible nonprofit entity must:
(1) Be dedicated to promoting or serving the health care needs of residents of the State;
(2) Not be in direct competition with the converting nonprofit entity; and
(3) Be in existence and have qualified for tax-exempt status under Title 26 United States Code section 501(c)(3), (4), (8), (9), (26), or (e), before the transfer of assets. [L 1998, c 260, pt of §2]