Code · U.S. Code · Title 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS · CHAPTER 405— CONGRESSIONAL MEDAL OF HONOR SOCIETY OF THE UNITED STATES OF AMERICA · § 40511

§ 40511. Distribution of assets on dissolution or final liquidation

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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 bylaws.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1335.)

The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The words “outstanding” and “all Federal and State laws applicable thereto” are omitted as unnecessary.

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Pub. L. 105–225
112 Stat. 1335

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§ 40511

Distribution of assets on dissolution or final liquidation

Pub. L.Pub. L. 105–225

Stat.112 Stat. 1335

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