On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the council of administration, but in compliance with the constitution and bylaws of the corporation.
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36 U.S. Code § 200313 - Distribution of assets on dissolution or final liquidation
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Revised Section |
Source (U.S. Code) |
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200313 |
36:549. |
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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” to eliminate unnecessary words. The words “and all Federal and States laws applicable thereto” are omitted as unnecessary.