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36 U.S.C. § 150713 — 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 · 39 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. The board of directors then gives whatever assets remain to a recognized group or groups that work to advance citizenship.

This section covers what happens to the corporation's property if it dissolves or finally liquidates. After all debts and liabilities are paid, the board of directors must transfer any remaining assets to a recognized agency, or agencies, that work to further and advance citizenship.
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 transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1394.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1394

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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