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36 U.S.C. § 30112 — 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 fully liquidates, it must first pay off all its debts. Any assets left over go where the board of directors decides. That decision must follow the corporation's constitution and bylaws.

If the corporation dissolves or is finally liquidated, it must first pay off, or discharge, all its debts and other liabilities. Whatever assets remain after that get distributed however the board of directors decides. But the board's decision must follow the corporation's constitution 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 directors, but in compliance with the constitution and bylaws of the corporation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1316.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1316

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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