Distribution of assets on dissolution or final liquidation
About This Law
/us/usc/t36/s152312
Title
36 — Patriotic and National Observances, Ceremonies, and Organizations
Chapter
STII/PTB/CH1523
Release
119-84
Release Date
2026-04-17
Section Text
Highlight any text to annotate
On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be used by the board of directors for the purposes stated in section 152302 of this title or be transferred to a recognized educational foundation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1414.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
15231236:675.Aug. 1, 1956, ch. 824, § 15, 70 Stat. 797.
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.
Take Action
Your position
Add a comment
to comment on this section.
Annotate the text
Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.