Distribution of assets on dissolution or final liquidation
About This Law
/us/usc/t36/s150713
Title
36 — Patriotic and National Observances, Ceremonies, and Organizations
Chapter
STII/PTB/CH1507
Release
119-84
Release Date
2026-04-17
Section Text
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On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1394.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
15071336:445.Aug. 13, 1953, ch. 427, § 15, 67 Stat. 565.
The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The word “outstanding” is omitted as unnecessary.
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