Us Code § 220315 - Distribution of assets on dissolution or final liquidation
Full text of Us Code United States Code § 220315 — Distribution of assets on dissolution or final liquidation, with citation guidance and answers to common questions.
§ 220315. 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 trustees, but in compliance with the constitution and bylaws of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1465.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 220315 | 36:1214. | Oct. 20, 1978, Pub. L. 95–493, §14, 92 Stat. 1646. |
The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The words "outstanding" and "and all Federal and State laws applicable thereto" are omitted as unnecessary.
CHAPTER 2205—UNITED STATES OLYMPIC AND PARALYMPIC COMMITTEE
SUBCHAPTER I—CORPORATION
SUBCHAPTER II—NATIONAL GOVERNING BODIES
SUBCHAPTER III—GRANT TO KEEP YOUNG ATHLETES SAFE
SUBCHAPTER IV—UNITED STATES CENTER FOR SAFESPORT
SUBCHAPTER V—DISSOLUTION OF BOARD OF DIRECTORS OF CORPORATION AND TERMINATION OF RECOGNITION OF NATIONAL GOVERNING BODIES
Editorial Notes
Amendments
2023—Pub. L. 117–340, §2(a)(2)(B), (b)(2)(B), Jan. 5, 2023, 136 Stat. 6176, 6177, which directed amendment of the analyses for subchapters I and II of this chapter by adding items 220514 and 220530A, respectively, was executed by adding items 220514 and 220530A to the analysis for this chapter to reflect the probable intent of Congress.
2020—Pub. L. 116–189, §§4(a)(1), 6(c)(2), (f)(2), (g)(2), 7(a)(2)(B), 8(a)(2)(B), Oct. 30, 2020, 134 Stat. 944, 949, 955, 957, 966, added item 220513 and substituted "Powers and duties" for "Powers" in item 220505, "Reports and audits" for "Report" in item 220511, "Certification of national governing bodies" for "Recognition of amateur sports organizations as national governing bodies" in item 220521, and "Designation of United States Center for SafeSport" for "Designation of United States Center for Safe Sport" in item 220541.
Pub. L. 116–189, §5(b), Oct. 30, 2020, 134 Stat. 947, substituted item for subchapter IV "UNITED STATES CENTER FOR SAFESPORT" for item for subchapter III relating to United States Center for Safe Sport, and added item for subchapter V and items 220551 and 220552.
2018—Pub. L. 115–141, div. S, title III, §302(b), Mar. 23, 2018, 132 Stat. 1128, added item for subchapter III relating to grant to keep young athletes safe and item 220531.
Pub. L. 115–126, title II, §§202(c), 204(b), Feb. 14, 2018, 132 Stat. 323, 325, added item for subchapter III relating to United States Center for Safe Sport and items 220530 and 220541 to 220543.
2006—Pub. L. 109–284, §5(12), Sept. 27, 2006, 120 Stat. 1212, substituted "Short title and definitions" for "Definitions" in item 220501.
1998—Pub. L. 105–277, div. C. title I, §142(j)(2), (k)(2), Oct. 21, 1998, 112 Stat. 2681–606, 2681–607, substituted "Report" for "Annual report" in item 220511 and added item 220512.
SUBCHAPTER I—CORPORATION
About This Section
36 U.S.C. § 220315 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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