36-U.S.C.-230313

§230313 – Termination of Existence and Distribution of Assets

Pathway

Title 36 > Subtitle II > Part B > Chapter 2303 > Section 230313

Details

• Reference: Section 230313
• Legend: §230313 – Termination of Existence and Distribution of Assets
• USCode Year: 2013

Provision Content

(a) Authority To Make Contingent Provisions.—The national convention, by resolution, may declare that the corporate existence will terminate on the occurrence of a specified event and provide for the disposition of any property remaining after the discharge of all liabilities.

(b) Procedure for Carrying Out Contingent Provisions.—(1) An authenticated copy of the national conventions resolution must be filed in the office of the United States District Court for the District of Columbia.

(2) The court shall take jurisdiction when—

(A) the declared event has occurred; and

(B) a petition is filed with the court reciting the relevant facts.

(3) On proof of the facts, the court shall enter an order vesting title and ownership in accordance with the resolution of the national convention.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1485.)

In subsection (a), the words declare that the corporate existence will terminate on the occurrence of a specified event are substituted for declare the event upon which the corporate existence of the organization is to terminate for clarity. 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.

In subsection (b)(1), the word duly is omitted as unnecessary. The word must is substituted for shall for clarity because the filing is only required if the national convention decides to exercise its discretionary authority under subsection (a).

In subsection (b)(2)(B), the word relevant is substituted for said for clarity.

In subsection (b)(3), the word due is omitted as unnecessary. The word order is substituted for decree for consistency in the revised title and with other titles of the United States Code. The word vesting is substituted for which shall be effective to vest to eliminate unnecessary words.

U.S. Encyclopedia of Law Coverage

36-U.S.C.-22912 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-22912, 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.

36-U.S.C.-22510 in the Legal Encyclopedia: War

In this entry about 36-U.S.C.-22510, find legal reference material, bibliographies and premiere content related to war in the American Encyclopedia of Law, presenting a comprehensive view of the United States war-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.