36-U.S.C.-153513

§153513 – Distribution of Assets On Dissolution Or Final Liquidation

Pathway

Title 36 > Subtitle II > Part B > Chapter 1535 > Section 153513

Details

• Reference: Section 153513
• Legend: §153513 – Distribution of Assets On Dissolution Or Final Liquidation
• USCode Year: 2013

Provision Content

(a) Allowable Recipients.—On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed, as decided by the board of trustees, to—

(1) the United States Government, to be administered by the Secretary of the Interior under the Act of August 25, 1916 (16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act); or

(2) a State or local government to be used for a public purpose.

(b) Restriction.—A distribution under subsection (a) of this section shall be consistent with the purposes of the corporation and in compliance with the charter and bylaws.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1427; Pub. L. 109–284, §5(10), Sept. 27, 2006, 120 Stat. 1212.)

In subsection (a), the words the discharge of all liabilities are substituted for the corporations liabilities have been satisfied for consistency in the revised title. In clause (1), the words as amended and supplemented are omitted as unnecessary.

In subsection (b), the words and Federal and State laws are omitted as unnecessary.

References in Text

Act of August 25, 1916, referred to in subsec. (a)(1), is act Aug. 25, 1916, ch. 408, 39 Stat. 35, as amended, known as the National Park Service Organic Act, which is classified generally to sections 1, 2, 3, and 4 of Title 16, Conservation. For complete classification of this Act to the Code, see Short Title note set out under section 1 of Title 16 and Tables.

Amendments

2006—Subsec. (a)(1). Pub. L. 109–284 substituted (16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act) for (16 U.S.C. 1 et seq.), known as the National Park Service Organic Act)).

U.S. Encyclopedia of Law Coverage

36-U.S.C.-153107 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-153107, find legal reference material, bibliographies and premiere content related to patriotic organizations in the American Encyclopedia of Law, presenting a comprehensive view of the United States patriotic organizations-specific issues, written by authorities in the field.

Topic Map

• Browse the Topic Map in relation with Title 36 (Patriotic And National Observances, Ceremonies, And organizations) guided by subject interests.