§ 70914 - Distribution of assets on dissolution or final liquidation

CHAPTER 709— FUTURE FARMERS OF AMERICA

On dissolution or final liquidation of the FFA, any assets remaining after the discharge of all liabilities shall be used by the board of directors for the benefit of students of agricultural education or be transferred to a recognized educational foundation.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 7091436:285.Aug. 30, 1950, ch. 823, § 15, 64 Stat. 566.

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.

Editorial Notes

Amendments

2019—Pub. L. 116–7 substituted “FFA” for “corporation” and “agricultural education” for “vocational agriculture”.