36 U.S.C. § 110310 — Distribution of assets on dissolution or final liquidation
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 62 words · no verdicts yet
After the corporation pays all its debts, any assets left when it dissolves or is finally liquidated must be distributed as the board of directors provides. The distribution must follow the corporation’s constitution and bylaws. Assets may not be distributed to an officer or employee or used for the benefit of a private person.
The corporation must first pay all its liabilities. If it then dissolves or is finally liquidated, the board of directors decides how to distribute any assets that remain. The distribution must comply with the corporation’s constitution and bylaws. This section does not permit assets to be distributed to an officer or employee or to benefit a private person.
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. This section does not allow assets to be distributed to an officer or employee or to inure to the benefit of a private person.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1370.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1370
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.
all 0 arguments · sorted by: best
no arguments yet — make the first case