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36 U.S.C. § 220114 — 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 · 67 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the USO dissolves, its remaining assets after paying debts go where the board of governors and bylaws direct. Those assets must go to charitable purposes, never to benefit a private person, except a charity.

When the corporation dissolves or winds up for good, any assets left after paying all debts must be distributed as the board of governors decides, following the bylaws. However, the corporation's assets are permanently dedicated to charitable purposes and cannot benefit a private person — except a fund, foundation, or organization run only for charitable purposes.
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 governors, but in compliance with the bylaws. However, the assets of the corporation are irrevocably dedicated to charitable purposes and may not inure to the benefit of a private person except a fund, foundation, or organization operated exclusively for charitable purposes.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1462.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1462

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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