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
If the corporation dissolves, its firearms, M-16 rifles, and historic trophies go to the Secretary of the Army. Other assets can go to a similar tax-exempt organization, but never to an individual. Anything left over gets sold, with the money going to the U.S. Treasury.
(a) Secretary of the Army: If the corporation dissolves, ownership and the right to possess the following pass to the Secretary of the Army: firearms stored at the Anniston Defense Distribution Depot in Alabama on the dissolution date; M-16 rifles the corporation controls; and trophies received from the former National Board for the Promotion of Rifle Practice.
(b) Tax-Exempt Organizations
(1) Any other asset may go to an organization that is tax-exempt under section 501(c)(3) of the Internal Revenue Code and does work similar to what section 40722 describes.
(2) An asset distributed this way can't be given to an individual.
(c) Treasury: Any asset not distributed under (a) or (b) must be sold, with the proceeds going to the U.S. Treasury.
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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