36 U.S.C. § 153513 — 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 · 106 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the corporation dissolves, its board decides where leftover assets go, after debts are paid. They may go to the federal government or to a state or local government for public use.

(a) Allowable Recipients. If the corporation dissolves or finally winds up, any assets left after paying all its debts must be given away as the board of trustees decides. The assets can go to: (1) the United States Government, to be administered by the Secretary of the Interior under section 100101(a), chapter 1003, and sections 100751(a), 100752, 100753, and 102101 of title 54, United States Code; or (2) a State or local government, to be used for a public purpose. (b) Restriction. Any distribution under subsection (a) must be consistent with the corporation's purposes and must comply with the charter and bylaws.

the actual law source: uscode.house.gov ↗public domain

(a)Allowable Recipients.—

On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed, as decided by the board of trustees, to—

(1)

the United States Government, to be administered by the Secretary of the Interior under section 100101(a), chapter 1003, and sections 100751(a), 100752, 100753, and 102101 of title 54, United States Code; or

(2)

a State or local government to be used for a public purpose.

(b)Restriction.—

A distribution under subsection (a) of this section shall be consistent with the purposes of the corporation and in compliance with the charter and bylaws.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1427; Pub. L. 109–284, § 5(10), Sept. 27, 2006, 120 Stat. 1212; Pub. L. 113–287, § 5(i), Dec. 19, 2014, 128 Stat. 3269.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1427
2006Amended · Pub. L. 109-284 · 120 Stat. 1212
2014Amended · Pub. L. 113-287 · 128 Stat. 3269

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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