ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

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

in plain englishAI-generated · not legal advice

If this corporation dissolves or winds up, its board of trustees decides how to distribute any leftover assets. That distribution must still match the corporation's stated purposes and follow its charter and bylaws.

When the corporation dissolves or undergoes final liquidation, any assets left over after all its debts and liabilities are paid must be distributed however the board of trustees decides. That distribution must still be consistent with the corporation's stated purposes, and must comply with its charter and bylaws.
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 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.)

history & why it existsrecord from the source credit
  • 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.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case