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
(a) Allowable Recipients.—After the corporation dissolves or finally liquidates and its liabilities are discharged, the board of trustees must choose where to distribute the remaining assets. The recipients may be the United States Government, subject to specified Title 54 provisions, or a State or local government for a public purpose. (b) The distribution must fit the corporation's purposes and follow its charter and bylaws.
(a) Allowable Recipients.—When the corporation dissolves or finally liquidates, any assets left after all liabilities are discharged must be distributed, as the board of trustees decides, 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, for a public purpose.
(b) Restriction.—A distribution under subsection (a) must be consistent with the corporation's purposes and comply with its charter and bylaws.
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—
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
a State or local government to be used for a public purpose.
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.)
- 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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