(a) Allowable Recipients.— On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed, as decided by the board of trustees, to—
(1)the United States Government, to be administered by the Secretary of the Interior under the Act of August 25, 1916 (16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act); or
(2)a State or local government to be used for a public purpose.
(b) Restriction.— A distribution under subsection (a) of this section shall be consistent with the purposes of the corporation and in compliance with the charter and bylaws.
Aug. 19, 1964, Pub. L. 88–449, § 14, 78 Stat. 499.
In subsection (a), the words “the discharge of all liabilities” are substituted for “the corporation’s liabilities have been satisfied” for consistency in the revised title. In clause (1), the words “as amended and supplemented” are omitted as unnecessary.
In subsection (b), the words “and Federal and State laws” are omitted as unnecessary.
References in Text
Act of August 25, 1916, referred to in subsec. (a)(1), is act Aug. 25, 1916, ch. 408, 39 Stat. 35, as amended, known as the National Park Service Organic Act, which is classified generally to sections
4 of Title
16, Conservation. For complete classification of this Act to the Code, see Short Title note set out under section
1 of Title
16 and Tables.
2006—Subsec. (a)(1). Pub. L. 109–284substituted “(16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act)” for “(16 U.S.C. 1 et seq.), known as the National Park Service Organic Act))”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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