36 U.S. Code § 150713 - Distribution of assets on dissolution or final liquidation

prev | next
On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1394.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
150713
36:445.
Aug. 13, 1953, ch. 427, § 15, 67 Stat. 565.

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.

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.