36 U.S. Code § 190112 - 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 divided equally among the then active officers and members.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1449.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
190112
36:231 (words after 2d comma).
June 30, 1950, ch. 431, § 11 (words after 2d comma), 64 Stat. 314.

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.

 

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