Distribution of assets on dissolution or final liquidation
About This Law
/us/usc/t36/s23112
Title
36 — Patriotic and National Observances, Ceremonies, and Organizations
Chapter
STII/PTB/CH231
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 distributed as provided by the board of trustees, but consistent with the purposes of the corporation and in compliance with the charter and bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1314.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
2311236:4316.July 14, 1964, Pub. L. 88–372, § 16, 78 Stat. 318.
The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The words “outstanding” and “all Federal and State laws applicable thereto” are omitted as unnecessary.
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