36 U.S.C. § 40511 — 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 · 33 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the corporation dissolves, leftover assets go wherever the board decides. That's only after paying all debts, and it must follow the bylaws.

If the corporation dissolves or fully liquidates, any assets left over after paying off all its debts go wherever the board of directors decides -- but that decision must follow the 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 bylaws.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1335.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1335

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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