§ 190112 - Distribution of assets on dissolution or final liquidation

CHAPTER 1901— RESERVE OFFICERS ASSOCIATION OF THE UNITED STATES

On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be divided equally among the then active officers and members.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 19011236:231 (words after 2d comma).June 30, 1950, ch. 431, § 11 (words after 2d comma), 64 Stat. 314.

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.