36 U.S.C. § 40706 — Distribution of assets on dissolution
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 195 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
On dissolution of the corporation, title to the following items, and the right to possess the items, vest in the Secretary of the Army:
Firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama on the date of dissolution.
M–16 rifles under control of the corporation.
Trophies received from the National Board for the Promotion of Rifle Practice through the date of dissolution.
On dissolution of the corporation, an asset not described in subsection (a) of this section may be distributed to an organization that—
is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and
performs functions similar to the functions described in section 40722 of this title.
An asset distributed under this subsection may not be distributed to an individual.
On dissolution of the corporation, any asset not distributed under subsection (a) or (b) of this section shall be sold and the proceeds shall be deposited in the Treasury.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1336; Pub. L. 113–237, § 3(c)(3), Dec. 18, 2014, 128 Stat. 2840.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1336
- 2014Amended · Pub. L. 113-237 · 128 Stat. 2840
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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