36-U.S.C.-220114

§220114 – Distribution of Assets On Dissolution Or Final Liquidation

Pathway

Title 36 > Subtitle II > Part B > Chapter 2201 > Section 220114

Details

• Reference: Section 220114
• Legend: §220114 – Distribution of Assets On Dissolution Or Final Liquidation
• USCode Year: 2013

Provision Content

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.)

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.

U.S. Encyclopedia of Law Coverage

36-U.S.C.-220102 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-220102, 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

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