36 U.S.C. § 154113 — Distribution of assets on dissolution or final liquidation
U.S.C. Title 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, ANDÂ ORGANIZATIONS 36 U.S.C. United States Code, 2023 Edition Title 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, ANDÂ ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1541 - NAVAL SEA CADET CORPS Sec. 154113 - Distribution of assets on dissolution or final liquidation From the U.S. Government Publishing Office, www.gpo.gov
§154113. Distribution of assets on dissolution or final liquidation
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 directors, but in compliance with the constitution and bylaws of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1434.)
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)
154113 36:1055. Sept. 10, 1962, Pub. L. 87–655, §15, 76 Stat. 533.
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" to eliminate unnecessary words. The words "and all Federal and State laws applicable thereto" are omitted as unnecessary.