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36 U.S.C. § 230313 — Termination of existence and distribution of assets

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 127 words · no verdicts yet

in plain englishAI-generated · not legal advice

The national convention can vote to end the corporation when a specific event happens, and decide where leftover property goes after debts are paid. To carry this out, the convention files its resolution with a federal court, which takes over once the event occurs and a petition is filed. The court then issues an order transferring the property as the resolution directs.

(a) Authority To Make Contingent Provisions. By resolution, the national convention can declare that the corporation's existence will end when a specific event happens. In that same resolution, it can decide what happens to any property left over after all the corporation's debts are paid. (b) Procedure for Carrying Out Contingent Provisions. (1) A certified copy of the national convention's resolution must be filed with the United States District Court for the District of Columbia. (2) The court takes charge of the matter once two things happen: (A) the event named in the resolution actually occurs, and (B) someone files a petition with the court laying out the relevant facts. (3) Once those facts are proven, the court issues an order that transfers ownership of the property exactly as the national convention's resolution directs.
the actual law source: uscode.house.gov ↗public domain
(a)Authority To Make Contingent Provisions.—

The national convention, by resolution, may declare that the corporate existence will terminate on the occurrence of a specified event and provide for the disposition of any property remaining after the discharge of all liabilities.

(b)Procedure for Carrying Out Contingent Provisions.—
(1)

An authenticated copy of the national convention’s resolution must be filed in the office of the United States District Court for the District of Columbia.

(2)

The court shall take jurisdiction when—

(A)

the declared event has occurred; and

(B)

a petition is filed with the court reciting the relevant facts.

(3)

On proof of the facts, the court shall enter an order vesting title and ownership in accordance with the resolution of the national convention.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1485.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1485

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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