36 USC 152512: Distribution of assets on dissolution or final liquidation

36 USC 152512: 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 1525-NATIONAL SAFETY COUNCIL

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§152512. 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.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1418 .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
152512	36:476.	Aug. 13, 1953, ch. 429, §16, 67 Stat. 573 .

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 word "outstanding" is omitted as unnecessary. The words "as provided by" are substituted for "in accordance with the determination of" to eliminate unnecessary words. The words "all Federal and State laws applicable thereto" are omitted as unnecessary.