36 U.S.C. § 130113 — 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 · 38 words · no verdicts yet
After all liabilities are paid in a dissolution or final liquidation, remaining assets must be distributed as the council of administration provides, consistent with the constitution and bylaws.
When the corporation dissolves or is finally liquidated, it must first discharge all liabilities. The council of administration provides for distributing assets that remain, but the distribution must comply with the corporation’s constitution and bylaws.
On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the council of administration, but in compliance with the constitution and bylaws of the corporation.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1373.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1373
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.
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