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36 U.S.C. § 154113 — 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 dissolution or final liquidation, remaining assets after liabilities are discharged must be distributed as the board of directors provides, while following the constitution and bylaws.

When the corporation dissolves or finally liquidates, any assets left after all liabilities are discharged must be distributed as the board of directors provides. 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. 1434.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1434

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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