Us Code § 40511 - Distribution of assets on dissolution or final liquidation
Full text of Us Code United States Code § 40511 — Distribution of assets on dissolution or final liquidation, with citation guidance and answers to common questions.
§ 40511. 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 directors, but in compliance with the bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1335.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 40511 | 36:805. | Aug. 14, 1958, Pub. L. 85–642, §15, 72 Stat. 600. |
The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The words "outstanding" and "all Federal and State laws applicable thereto" are omitted as unnecessary.
CHAPTER 407—CORPORATION FOR THE PROMOTION OF RIFLE PRACTICE AND FIREARMS SAFETY
SUBCHAPTER I—CORPORATION
SUBCHAPTER II—CIVILIAN MARKSMANSHIP PROGRAM
Editorial Notes
Amendments
2016—Pub. L. 114–328, div. A, title X, §1096(c), Dec. 23, 2016, 130 Stat. 2441, added item 40728B.
2006—Pub. L. 109–364, div. A, title III, §354(b), Oct. 17, 2006, 120 Stat. 2162, added item 40728A.
SUBCHAPTER I—CORPORATION
About This Section
36 U.S.C. § 40511 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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