§ 130311. Distribution of assets on dissolution or final liquidation
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/usc/title-36/section-130311A 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 board of directors, but in compliance with the constitution and bylaws of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1376.)
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 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. The words “all Federal and State laws applicable thereto” are omitted as unnecessary.
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- Pub. L. 105–225
- 112 Stat. 1376
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§ 130311
Distribution of assets on dissolution or final liquidation
Pub. L.Pub. L. 105–225
Stat.112 Stat. 1376
Cites 2Cited by 0 across 0 sources