Section 24-1B-11

(a) A nonprofit organization that loses its nonprofit corporation status may no longer operate as a community land trust. (b) After losing its nonprofit corporation status, the organization must transfer, within 120 days and without financial compensation other than incidental associated costs, its interest in any ground leases, in order of priority, to either: (1) The organizing municipality; or (2) A municipal entity or a nonprofit affordable housing organization designated by the organizing municipality which shares the purposes of the community land trust and has received a determination under 26 U.S.C. § 501(c)(3). (c) If the entity or organization that gives up or loses its nonprofit corporation status fails to begin the transfer of its interest in any ground leases or deeds of conveyance within 120 days as provided in subsection (b), all interests shall be transferred to the organizing municipality effective immediately by operation of law and shall be reflected by the organizing municipality by recording notices of transfer in the real property records where the leases are recorded.