FEDERAL · 36 U.S.C. · Chapter 1507
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 transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.
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36 U.S.C. § 150713 (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. 1394.)
Editorial Notes
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.