36 U.S. Code § 220114 - Distribution of assets on dissolution or final liquidation

§ 220114.
Distribution of assets on dissolution or final liquidation

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 governors, but in compliance with the bylaws. However, the assets of the corporation are irrevocably dedicated to charitable purposes and may not inure to the benefit of a private person except a fund, foundation, or organization operated exclusively for charitable purposes.

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

220114

36:1304(c).

Dec. 29, 1979, Pub. L. 96–165, § 4(c), 93 Stat. 1269.

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” for consistency in the revised title. The words “and all Federal and State laws applicable thereto” are omitted as unnecessary. The word “organization” is substituted for “association, or corporation” to omit unnecessary words.

 

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