§ 152312. Distribution of assets on dissolution or final liquidation

78 words·~1 min read·/usc/title-36/section-152312

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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.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1414.)

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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U.S. Code

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§ 152302

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Pub. L. 105–225
112 Stat. 1414

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§ 152312

Distribution of assets on dissolution or final liquidation

U.S.C.§ 152302

Pub. L.Pub. L. 105–225

Stat.112 Stat. 1414

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