36 U.S. Code § 70914 - 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 used by the board of directors for the benefit of students of vocational agriculture or be transferred to a recognized educational foundation.
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Historical and Revision Notes |
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Revised Section |
Source (U.S. Code) |
Source (Statutes at Large) |
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70914 |
36:285. |
Aug. 30, 1950, ch. 823, § 15, 64 Stat. 566. |
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.
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