36 USC § 152312
Distribution of assets on dissolution or final liquidation
October 21, 2020
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.
Open Table|
Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 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.
Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
