36 USC 110310: Distribution of assets on dissolution or final liquidation

36 USC 110310: Distribution of assets on dissolution or final liquidation Text contains those laws in effect on November 21, 2024

From Title 36-PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONSSubtitle II-Patriotic and National OrganizationsPart B-OrganizationsCHAPTER 1103-JEWISH WAR VETERANS, U.S.A., NATIONAL MEMORIAL, INCORPORATED

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§110310. Distribution of assets on dissolution or final liquidation

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 directors, but in compliance with the constitution and bylaws of the corporation. This section does not allow assets to be distributed to an officer or employee or to inure to the benefit of a private person.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1370 .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
110310	36:924.	Sept. 2, 1958, Pub. L. 85–903, §14, 72 Stat. 1741 .

The words "dissolution or final liquidation" are substituted for "final dissolution or liquidation" for consistency in the revised title. 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. The words "This section does not allow" are substituted for "Nothing in this section shall be construed so as to permit" for consistency in the revised title.