36 U.S. Code § 40511. 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 board of directors, but in compliance with the bylaws.

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

40511

36:805.

Aug. 14, 1958, Pub. L. 85–642, § 15, 72 Stat. 600.

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.