36 U.S.C. § 80106 — 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 · 44 words · no verdicts yet
This section directs the corporation’s assets after dissolution to similar organizations qualifying for tax exemption under section 501(c)(3).
When the corporation dissolves, its board of directors must liquidate its assets and distribute them to organizations qualified as exempt under section 501(c)(3) of the Internal Revenue Code of 1986, with purposes similar to the corporation’s purposes.
On dissolution of the corporation, the board of directors shall liquidate and distribute its assets to organizations qualified as exempt organizations under section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 501(c)(3)) with purposes similar to those of the corporation.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1360.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1360
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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