FEDERAL · 36 U.S.C. · Chapter 307
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 used by the board of directors for the purpose stated in section 30702 of this title or be transferred to a recognized educational foundation.
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36 U.S.C. § 30712 (Distribution of assets on dissolution or final liquidation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
§ 30702
36 U.S.C. § 30702
Source Credit
History
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1324.)
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.