§ 150713 - Distribution of assets on dissolution or final liquidation

CHAPTER 1507— NATIONAL CONFERENCE ON CITIZENSHIP

On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 15071336:445.Aug. 13, 1953, ch. 427, § 15, 67 Stat. 565.

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.