36 U.S.C. § 220114
Distribution of assets on dissolution or final liquidation
United States · Title 36 — PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS · Status: effective
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- Citation
- 36 U.S.C. § 220114, Distribution of assets on dissolution or final liquidation, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/472158
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Full text
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 governors, but in compliance with the bylaws. However, the assets of the corporation are irrevocably dedicated to charitable purposes and may not inure to the benefit of a private person except a fund, foundation, or organization operated exclusively for charitable purposes.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- To revise, codify, and enact without substantive change certain general and permanent laws, related to patriotic and national observances, ceremonies, and organizations, as title 36, United States Code, "Patriotic and National Observances, Ceremonies, and Organizations".House: no recorded tallySenate: no recorded tally