§ 154113 - Distribution of assets on dissolution or final liquidation

CHAPTER 1541— NAVAL SEA CADET CORPS

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 constitution and bylaws of the corporation.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 15411336:1055.Sept. 10, 1962, Pub. L. 87–655, § 15, 76 Stat. 533.

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. The words “as provided by” are substituted for “in accordance with the determination of” to eliminate unnecessary words. The words “and all Federal and State laws applicable thereto” are omitted as unnecessary.