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36 U.S.C. § 150912 — 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 · 41 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 decides how to distribute whatever assets remain, but it must stay true to the corporation's purposes and follow the bylaws.

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 decides how to distribute any remaining assets. That distribution must still be consistent with the corporation's purposes and must comply with the 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 bylaws.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1397.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1397

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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