36 U.S.C. § 23112 — 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 · 43 words · no verdicts yet
After all liabilities are paid when the corporation dissolves or finally liquidates, the remaining assets must be distributed as the trustees provide, consistently with the corporation’s purposes, charter, and bylaws.
When the corporation dissolves or finally liquidates, all assets left after its liabilities are paid must be distributed as the board of trustees provides, consistently with the corporation’s purposes, charter, and bylaws.
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 trustees, but consistent with the purposes of the corporation and in compliance with the charter and bylaws.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1314.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1314
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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