§ 150713. Distribution of assets on dissolution or final liquidation
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/usc/title-36/section-150713A 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 transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1394.)
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.
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- Pub. L. 105–225
- 112 Stat. 1394
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§ 150713
Distribution of assets on dissolution or final liquidation
Pub. L.Pub. L. 105–225
Stat.112 Stat. 1394
Cites 2Cited by 0 across 0 sources