36 U.S. Code Section 30712 - Distribution of assets on dissolution or final liquidation 2018

Section Text

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 purpose stated in section 30702 of this title or be transferred to a recognized educational foundation.

Editorial Notes

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)30712 36:515. July 19, 1954, ch. 536, §15, 68 Stat. 492. 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.

Citation

36 U.S.C. § 30712 (2018)


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