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36 U.S.C. § 152512 — 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

If the council shuts down or finally liquidates, its board decides what happens to any leftover money after debts are paid. The board's decision must follow the corporation's constitution and bylaws.

If the corporation dissolves or goes through final liquidation, it must first pay off all its debts. Whatever assets remain after that get distributed the way the board of directors decides, but the board must follow the corporation's constitution and bylaws when doing so.
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. 1418.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1418

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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