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36 U.S.C. § 140511 — 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

in plain englishAI-generated · not legal advice

After the corporation is dissolved or finally liquidated and all liabilities are paid, remaining assets must be distributed as the board provides, consistent with the constitution and bylaws.

When the corporation is dissolved or finally liquidated, the board of directors must distribute any assets left after all liabilities are paid as the board provides, while complying with the corporation’s 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 in compliance with the constitution and bylaws of the corporation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1384.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1384

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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