36 U.S.C. § 40706 — Distribution of assets on dissolution

FEDERAL · 36 U.S.C. · Chapter 407

Distribution of assets on dissolution

Current through Pub. L. 119-102

Title 36 — Patriotic and National Observances·Ch. 407 — CORPORATION FOR THE PROMOTION OF RIFLE PRACTICE AND FIREARMS SAFETY·Subch. I

(a)Secretary of the Army.—On dissolution of the corporation, title to the following items, and the right to possess the items, vest in the Secretary of the Army:

(1)Firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama on the date of dissolution.

(2)M–16 rifles under control of the corporation.

(3)Trophies received from the National Board for the Promotion of Rifle Practice through the date of dissolution.

(b)Tax-Exempt Organizations.—

(1)On dissolution of the corporation, an asset not described in subsection (a) of this section may be distributed to an organization that—

(A)is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and

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(a) Secretary of the Army.—On dissolution of the corporation, title to the following items, and the right to possess the items, vest in the Secretary of the Army:
(1) Firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama on the date of dissolution.
(2) M–16 rifles under control of the corporation.
(3) Trophies received from the National Board for the Promotion of Rifle Practice through the date of dissolution.
(b) Tax-Exempt Organizations.—(1) On dissolution of the corporation, an asset not described in subsection (a) of this section may be distributed to an organization that—
(A) is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and
(B) performs functions similar to the functions described in section 40722 of this title.
(2) An asset distributed under this subsection may not be distributed to an individual.
(c) Treasury.—On dissolution of the corporation, any asset not distributed under subsection (a) or (b) of this section shall be sold and the proceeds shall be deposited in the Treasury.

36 U.S.C. § 40706 (Distribution of assets on dissolution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1336; Pub. L. 113–237, §3(c)(3), Dec. 18, 2014, 128 Stat. 2840.)

Editorial Notes

In subsection (a), before clause (1), the words "title to the following items, and the right to possess the items, vest in the Secretary of the Army" are substituted for "title to [specified items] . . . shall vest in the Secretary of the Army, and the Secretary shall have the immediate right to the possession of such items" to eliminate unnecessary words. In clause (2), the words "M–16 rifles under control of the corporation" are substituted for "M–16 rifles that are transferred to the Corporation under section 1615(a)(2), that are referred to in section 1616(a)(3), or that are otherwise under the control of the Corporation" to eliminate unnecessary words.
In subsection (b), paragraph (2) is applied only to subsection (b) because the prohibition is not relevant to 36:5509(a)(1) or (3).

Editorial Notes

Amendments
2014—Subsec. (a). Pub. L. 113–237 substituted colon for dash at end of introductory provisions, "Firearms" for "firearms" in par. (1) and "Trophies" for "trophies" in par. (3).

Related

Source Credit

History

Editorial Notes