FEDERAL · 36 U.S.C. · Chapter 1305
Distribution of assets on dissolution or final liquidation
Current through Pub. L. 119-102
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 consistent with the purposes of the corporation and in compliance with the constitution and bylaws of the corporation.
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36 U.S.C. § 130513 (Distribution of assets on dissolution or final liquidation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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History
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1379.)
Editorial Notes
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 "and all Federal and State laws applicable thereto" are omitted as unnecessary.
Editorial Notes
Amendments
2014—Pub. L. 113–237, §3(b)(12), Dec. 18, 2014, 128 Stat. 2838, added placeholder for chapters 1307 to 1399.
Editorial Notes
Amendments
2014—Pub. L. 113–237, §3(b)(12), Dec. 18, 2014, 128 Stat. 2838, added placeholder for chapters 1307 to 1399.