36 U.S.C. § 22712 — 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 · 53 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the corporation dissolves or winds down for good, its remaining assets go to the Secretary of Veterans Affairs. That money must be spent on the care and comfort of disabled veterans of World War II, the Korean conflict, and the Vietnam era.

If the corporation dissolves or goes through final liquidation, here is what happens next. First, all its debts and other liabilities must be paid off, or arrangements must be made to pay them. Whatever assets remain after that must be transferred to the Secretary of Veterans Affairs. The Secretary of Veterans Affairs must use that money for the care and comfort of disabled veterans from World War II, the Korean conflict, and the Vietnam era.

the actual law source: uscode.house.gov ↗public domain

On dissolution or final liquidation of the corporation, any assets remaining after the discharge or satisfactory provision for discharge of all liabilities shall be transferred to the Secretary of Veterans Affairs to be applied to the care and comfort of disabled veterans of World War II, the Korean conflict, and the Vietnam era.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1309.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1309

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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