§ 153513. Distribution of assets on dissolution or final liquidation

266 words·~1 min read·/usc/title-36/section-153513

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Allowable Recipients.— On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed, as decided by the board of trustees, to—

(1)the United States Government, to be administered by the Secretary of the Interior under section 100101(a), chapter 1003, and sections 100751(a), 100752, 100753, and 102101 of title 54, United States Code; or

(2)a State or local government to be used for a public purpose.

(b)Restriction.— A distribution under subsection

(a)of this section shall be consistent with the purposes of the corporation and in compliance with the charter and bylaws.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1427; Pub. L. 109–284, § 5(10), Sept. 27, 2006, 120 Stat. 1212; Pub. L. 113–287, § 5(i), Dec. 19, 2014, 128 Stat. 3269.)

In subsection (a), the words “the discharge of all liabilities” are substituted for “the corporation’s liabilities have been satisfied” for consistency in the revised title. In clause (1), the words “as amended and supplemented” are omitted as unnecessary.

In subsection (b), the words “and Federal and State laws” are omitted as unnecessary.

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