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.
Open Table|
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.
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