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36 U.S.C. § 151911 — 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, its remaining assets must be distributed as the board provides, consistent with the constitution and bylaws.

When the corporation is dissolved or finally liquidated, any assets left after all liabilities are discharged must be distributed as the board of directors provides, but the distribution must comply 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. 1410.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1410

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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