Title 36 of the U.S. Code § 150912 - Distribution of assets on dissolution or final liquidation
Full text of § 150912 from Title 36 of the United States Code.
§ 150912. 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 consistent with the purposes of the corporation and in compliance with the bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1397.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 150912 | 36:4515. | July 14, 1964, Pub. L. 88–376, §15, 78 Stat. 324. |
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 1511—NATIONAL EDUCATION ASSOCIATION OF THE UNITED STATES
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36 U.S.C. § 150912 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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