36 U.S.C. § 220114 — Distribution of assets on dissolution or final liquidation

FEDERAL · 36 U.S.C. · Chapter 2201

Distribution of assets on dissolution or final liquidation

Current through Pub. L. 119-102

Title 36 — Patriotic and National Observances·Ch. 2201 — UNITED SERVICE ORGANIZATIONS, INCORPORATED

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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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.

36 U.S.C. § 220114 (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. 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.