36 USC 30712: Distribution of assets on dissolution or final liquidation
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36 USC 30712: 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 307-BOARD FOR FUNDAMENTAL EDUCATION
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§30712. 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 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
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
30712 36:515. 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.