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36 U.S.C. § 152312 — 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 · 43 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the corporation shuts down or finally liquidates, its board decides what happens to any leftover money after debts are paid. The board must use it for the corporation's stated purposes or give it to a recognized educational foundation.

If the corporation dissolves or goes through final liquidation, it must first pay off all its debts. Whatever assets are left after that must either be used by the board of directors for the purposes listed in section 152302 of this title, or be transferred to a recognized educational foundation.
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 used by the board of directors for the purposes stated in section 152302 of this title or be transferred to a recognized educational foundation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1414.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1414

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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