We are used to hearing about hostile takeovers of for-profit companies but a lesser known phenomenon is the hostile takeover […]
Let’s be clear about one thing. No one owns a nonprofit corporation.
While there is no outright ownership, there is control. One of the fundamental questions I ask when forming a new nonprofit corporation is how board members will be selected. This is a key question because those who hold the power to select board members retain the ultimate authority over the corporation.
The possibilities are limited by the nonprofit corporation statute in the state where the corporation is domiciled.