§ 151911. 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 distributed as provided by the board of directors, but in compliance with the constitution and bylaws of the corporation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1410.)

Historical And Revision

Historical and Revision Notes
151911	36:615.	Aug. 28, 1954, ch. 1036, § 15, 68 Stat. 895.

Historical and Revision Notes

151911

36:615.

Aug. 28, 1954, ch. 1036, § 15, 68 Stat. 895.

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.

                    
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