§ 152312 - Distribution of assets on dissolution or final liquidation

CHAPTER 1523— NATIONAL MUSIC COUNCIL

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.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 15231236:675.Aug. 1, 1956, ch. 824, § 15, 70 Stat. 797.

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.