36 U.S.C. § 220114 — 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 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED Sec. 220114 - Distribution of assets on dissolution or final liquidation From the U.S. Government Publishing Office, www.gpo.gov
§220114. 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 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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1462.)
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)
220114 36:1304(c). Dec. 29, 1979, Pub. L. 96–165, §4(c), 93 Stat. 1269.
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.