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36 U.S.C. § 70914 — 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 · 41 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the FFA dissolves, its remaining assets must first pay off its debts. After that, the board must use leftover assets to benefit agricultural education students, or transfer them to a recognized educational foundation instead.

If the FFA dissolves or finally liquidates, its board of directors must first pay off all its liabilities. After that, the board of directors must use any assets that remain for the benefit of students of agricultural education, or transfer those assets to a recognized educational foundation.
the actual law source: uscode.house.gov ↗public domain

On dissolution or final liquidation of the FFA, any assets remaining after the discharge of all liabilities shall be used by the board of directors for the benefit of students of agricultural education or be transferred to a recognized educational foundation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1359; Pub. L. 116–7, § 15, Feb. 21, 2019, 133 Stat. 482.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1359
  • 2019Amended · Pub. L. 116-7 · 133 Stat. 482

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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