36 USC 40511: Distribution of assets on dissolution or final liquidation
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36 USC 40511: 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 405-CONGRESSIONAL MEDAL OF HONOR SOCIETY OF THE UNITED STATES OF AMERICA
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§40511. 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 bylaws.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1335 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
40511 36:805. Aug. 14, 1958, Pub. L. 85–642, §15, 72 Stat. 600 .

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.