§ 150713. Distribution of assets on dissolution or final liquidation

Latest version.

On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1394.)

Historical And Revision

Historical and Revision Notes
150713	36:445.	Aug. 13, 1953, ch. 427, § 15, 67 Stat. 565.

Historical and Revision Notes

150713

36:445.

Aug. 13, 1953, ch. 427, § 15, 67 Stat. 565.

The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The word “outstanding” is omitted as unnecessary.

                    
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