36 U.S.C. § 22312 — 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

If the corporation dissolves or winds down for good, any assets left after paying off debts are distributed as the board of directors decides. That distribution must still follow the corporation's constitution and bylaws.

If the corporation dissolves or goes through final liquidation, here is what happens to what's left. First, all its debts and other liabilities get paid off. Whatever assets remain after that get distributed the way the board of directors decides. But the board must still follow the corporation's constitution and bylaws when making that decision.

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. 1304.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1304

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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