36 U.S.C. § 153713 — Distribution of assets on dissolution or final liquidation

FEDERAL · 36 U.S.C. · Chapter 1537

Distribution of assets on dissolution or final liquidation

36 U.S.C. § 153713

Title36 — Patriotic and National Observances

Chapter1537 — NATIONAL WOMAN'S RELIEF CORPS, AUXILIARY TO THE GRAND ARMY OF THE REPUBLIC

This text of 36 U.S.C. § 153713 (Distribution of assets on dissolution or final liquidation) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

36 U.S.C. § 153713.

Text

On dissolution or final liquidation of the corporation, its assets shall be distributed as follows:

(1)All liabilities shall be paid and discharged, or adequate provision for payment and discharge shall be made.

(2)Assets held on condition requiring return or transfer on dissolution of the corporation shall be returned or transferred as required by the condition.

(3)Assets received and held subject to a limitation permitting use only for charitable, religious, benevolent, educational, or similar purposes, but not held on a condition requiring return or transfer on dissolution of the corporation, shall be transferred to one or more appropriate domestic or foreign corporations, societies, or organizations under a plan of distribution adopted as provided in this chapter.

(4)Other assets s

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On dissolution or final liquidation of the corporation, its assets shall be distributed as follows:
(1) All liabilities shall be paid and discharged, or adequate provision for payment and discharge shall be made.
(2) Assets held on condition requiring return or transfer on dissolution of the corporation shall be returned or transferred as required by the condition.
(3) Assets received and held subject to a limitation permitting use only for charitable, religious, benevolent, educational, or similar purposes, but not held on a condition requiring return or transfer on dissolution of the corporation, shall be transferred to one or more appropriate domestic or foreign corporations, societies, or organizations under a plan of distribution adopted as provided in this chapter.
(4) Other assets shall be distributed as provided by the articles of incorporation or bylaws to the extent that the articles or bylaws provide the distributive rights of members, or any class of members, or provide for distribution to others.
(5) Any remaining assets may be distributed to persons, societies, organizations, or domestic or foreign corporations engaged in activities not for profit, as provided in a plan of distribution adopted by the council of administration of the corporation and in compliance with the constitution and bylaws of the corporation.

Source Credit

History

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1430.)

Editorial Notes

Before clause (1), the word "applied" is omitted as included in "distributed" and for consistency in the revised title.
In clause (1), the word "obligations" is omitted as included in "liabilities", and the word "satisfied" is omitted as included in "discharged".
In clauses (2) and (3), the words "conveyance" and "conveyed" are omitted as included in "transfer" and "transferred", respectively.
In clause (3), the word "eleemosynary" is omitted as included in "charitable".
In clause (5), the words "and all Federal, State, and District of Columbia laws applicable thereto" are omitted as unnecessary.

Editorial Notes

Amendments
2014—Pub. L. 113–237, §3(c)(8)(A), Dec. 18, 2014, 128 Stat. 2840, substituted "YEOMEN (F)" for "YOEMEN F" in chapter heading.

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Bluebook (online)

36 U.S.C. § 153713, Counsel Stack Legal Research, https://law.counselstack.com/usc/36/153713.