36 U.S. Code § 22312 - 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 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. 1304.)
|Revised Section||Source (U.S. Code)||Source (Statutes at Large)|
|Oct. 15, 1962, Pub. L. 87–817, § 15, 76 Stat. 933.|
The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The words “outstanding” and “all Federal and State laws applicable thereto” are omitted as unnecessary.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.