§ 130113. Distribution of assets on dissolution or final liquidation
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/usc/title-36/section-130113A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the council of administration, but in compliance with the constitution and bylaws of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1373.)
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. The words “as provided by” are substituted for “in accordance with the determination of” for consistency in the revised title and to eliminate unnecessary words. The reference to the “council of administration” is retained although there is no council of administration created by 36:78e or 36:78f. The words “all Federal and State laws applicable thereto” are omitted as unnecessary.
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- Pub. L. 105–225
- 112 Stat. 1373
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§ 130113
Distribution of assets on dissolution or final liquidation
Pub. L.Pub. L. 105–225
Stat.112 Stat. 1373
Cites 2Cited by 0 across 0 sources