Us Code § 40706 - Distribution of assets on dissolution
Full text of Us Code United States Code § 40706 — Distribution of assets on dissolution, with citation guidance and answers to common questions.
§ 40706. Distribution of assets on dissolution
(a)
(1) Firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama on the date of dissolution.
(2) M–16 rifles under control of the corporation.
(3) Trophies received from the National Board for the Promotion of Rifle Practice through the date of dissolution.
(b)
(A) is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and
(B) performs functions similar to the functions described in section 40722 of this title.
(2) An asset distributed under this subsection may not be distributed to an individual.
(c)
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1336; Pub. L. 113–237, §3(c)(3), Dec. 18, 2014, 128 Stat. 2840.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 40706(a) | 36:5509(a)(1). | Feb. 10, 1996, Pub. L. 104–106, title XVI, §1619, 110 Stat. 520; Sept. 23, 1996, Pub. L. 104–201, title X, §1073(c)(3), 110 Stat. 2657. |
| 40706(b)(1) | 36:5509(a)(2). | |
| 40706(b)(2) | 36:5509(b). | |
| 40706(c) | 36:5509(a)(3). |
In subsection (a), before clause (1), the words "title to the following items, and the right to possess the items, vest in the Secretary of the Army" are substituted for "title to [specified items] . . . shall vest in the Secretary of the Army, and the Secretary shall have the immediate right to the possession of such items" to eliminate unnecessary words. In clause (2), the words "M–16 rifles under control of the corporation" are substituted for "M–16 rifles that are transferred to the Corporation under section 1615(a)(2), that are referred to in section 1616(a)(3), or that are otherwise under the control of the Corporation" to eliminate unnecessary words.
In subsection (b), paragraph (2) is applied only to subsection (b) because the prohibition is not relevant to 36:5509(a)(1) or (3).
Editorial Notes
Amendments
2014—Subsec. (a). Pub. L. 113–237 substituted colon for dash at end of introductory provisions, "Firearms" for "firearms" in par. (1) and "Trophies" for "trophies" in par. (3).
About This Section
36 U.S.C. § 40706 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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