FEDERAL · 36 U.S.C. · Chapter 2201
Distribution of assets on dissolution or final liquidation
36 U.S.C. § 220114
Title36 — Patriotic and National Observances
Chapter2201 — UNITED SERVICE ORGANIZATIONS, INCORPORATED
This text of 36 U.S.C. § 220114 (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. § 220114.
Text
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 governors, but in compliance with the bylaws. However, the assets of the corporation are irrevocably dedicated to charitable purposes and may not inure to the benefit of a private person except a fund, foundation, or organization operated exclusively for charitable purposes.
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Source Credit
History
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1462.)
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. The words "as provided by" are substituted for "in accordance with the determination of" for consistency in the revised title. The words "and all Federal and State laws applicable thereto" are omitted as unnecessary. The word "organization" is substituted for "association, or corporation" to omit unnecessary words.
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Bluebook (online)
36 U.S.C. § 220114, Counsel Stack Legal Research, https://law.counselstack.com/usc/36/220114.