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36 U.S.C. § 130513 — 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 · 46 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law explains what happens to leftover assets if Little League Baseball shuts down. After paying off all debts, the board of directors decides how to distribute what remains. That distribution must fit the corporation's purposes and follow its constitution and bylaws.

When the corporation dissolves or finally liquidates, it must first pay off all its debts. Whatever assets are left over then get distributed as the board of directors decides — but that distribution must be consistent with the corporation's purposes and must comply with its constitution and bylaws.
the actual law source: uscode.house.gov ↗public domain

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 consistent with the purposes of the corporation and in compliance with the constitution and bylaws of the corporation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1379.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1379

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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