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
After all liabilities are paid in a dissolution or final liquidation, remaining assets must be distributed as the board provides, consistently with the corporation’s purposes and constitution and bylaws.
When the corporation dissolves or is finally liquidated, it must first discharge all liabilities. The board of directors provides for distributing assets that remain. The distribution must be consistent with the corporation’s purposes and comply with its 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 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.)
- 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.
all 0 arguments · sorted by: best
no arguments yet — make the first case