§ 152312. 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 used by the board of directors for the purposes stated in section 152302 of this title or be transferred to a recognized educational foundation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1414.)

Historical And Revision

Historical and Revision Notes
152312	36:675.	Aug. 1, 1956, ch. 824, § 15, 70 Stat. 797.

Historical and Revision Notes

152312

36:675.

Aug. 1, 1956, ch. 824, § 15, 70 Stat. 797.

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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