Distribution of assets on dissolution or final liquidation
About This Law
/us/usc/t36/s30712
Title
36 — Patriotic and National Observances, Ceremonies, and Organizations
Chapter
STII/PTB/CH307
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 used by the board of directors for the purpose stated in section 30702 of this title or be transferred to a recognized educational foundation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1324.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
3071236:515.July 19, 1954, ch. 536, § 15, 68 Stat. 492.
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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