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36 U.S.C. § 150513 — 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 · 32 words · no verdicts yet
in plain englishAI-generated · not legal advice
If the corporation dissolves or fully liquidates, it must first pay off all its debts. Whatever assets are left get split equally among the state and territorial societies in Washington, D.C.
This section covers what happens to the corporation's property if it dissolves or finally liquidates. After all the corporation's debts and liabilities are paid, any assets that remain must be divided equally among the state and territorial societies in the District of Columbia.
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 divided equally among the State and territorial societies in the District of Columbia.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1391.)
history & why it existsrecord from the source credit
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1391
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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