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36 U.S.C. § 70512 — Deposit 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 · 40 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the corporation dissolves or fully liquidates, any assets left after paying its debts must be given out. The board of directors decides how. The distribution must follow the charter and bylaws.

When the corporation dissolves or completes a final liquidation, any assets remaining after all liabilities are paid must be distributed (a) as the board of directors decides, and (b) in a way that follows the charter and bylaws.
the actual law source: uscode.house.gov ↗public domain

On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed—

(a)

as provided by the board of directors; and

(b)

in compliance with the charter and bylaws.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1354; Pub. L. 119–57, § 8, Dec. 12, 2025, 139 Stat. 712.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1354
  • 2025Amended · Pub. L. 119-57 · 139 Stat. 712

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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