36 U.S. Code § 130311 - Distribution of assets on dissolution or final liquidation

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On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the board of directors, but in compliance with the constitution and bylaws of the corporation.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1376.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
130311
36:645.
Aug. 4, 1955, ch. 546, § 15, 69 Stat. 490.

The words “dissolution or final liquidation” are substituted for “final dissolution or liquidation” for consistency in the revised title. The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The word “outstanding” is omitted as unnecessary. The words “as provided by” are substituted for “in accordance with the determination of” for consistency in the revised title. The words “all Federal and State laws applicable thereto” are omitted as unnecessary.

 

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