36 U.S. Code § 30514. 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 distributed as provided by the national executive board, but in compliance with the constitution and bylaws of the corporation.

Historical and Revision Notes



Source (U.S. Code)

Source (Statutes at Large)



July 14, 1960, Pub. L. 86–653, § 17, 74 Stat. 518.

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 reference to the “national executive board” is retained although 36:946 and 947 (restated in section 30505 of the revised title) do not create a governing body called a “national executive board.” The words “all Federal and State laws applicable thereto” are omitted as unnecessary.