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36 U.S.C. § 20111 — Use 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 corporation dissolves, leftover assets get distributed as the board decides. That distribution must still follow the corporation's charter and bylaws.

If the corporation dissolves or fully winds up, whatever assets remain after all its debts are paid get distributed the way the board of governors decides — but that distribution must still follow the corporation's charter and bylaws.
the actual law source: uscode.house.gov ↗public domain

On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed as provided by the board of governors, but in compliance with the charter and bylaws.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1286.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1286

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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