Title 36 of the U.S. Code § 110310 - Distribution of assets on dissolution or final liquidation
Full text of § 110310 from Title 36 of the United States Code.
§ 110310. 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 constitution and bylaws of the corporation. This section does not allow assets to be distributed to an officer or employee or to inure to the benefit of a private person.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1370.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 110310 | 36:924. | Sept. 2, 1958, Pub. L. 85–903, §14, 72 Stat. 1741. |
The words "dissolution or final liquidation" are substituted for "final dissolution or liquidation" for consistency in the revised title. 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. The words "This section does not allow" are substituted for "Nothing in this section shall be construed so as to permit" for consistency in the revised title.
CHAPTERS 1105 THROUGH 1199—RESERVED
Editorial Notes
Amendments
2014—Pub. L. 113–237, §3(b)(10), Dec. 18, 2014, 128 Stat. 2837, added placeholder for chapters 1105 to 1199.
CHAPTER 1201—KOREAN WAR VETERANS ASSOCIATION, INCORPORATED
Editorial Notes
Amendments
2008—Pub. L. 110–254, §1(a), June 30, 2008, 122 Stat. 2419, substituted chapter heading and table of sections consisting of items 120101 to 120112 for "[RESERVED]".
About This Section
36 U.S.C. § 110310 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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