36 U.S.C. § 40511

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 40511 - Distribution of assets on dissolution or final liquidation

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 bylaws.

36 U.S.C. § 40511

Pub. L. 105-225, 112 Stat. 1335.

HISTORICAL AND REVISION NOTES
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
40511	36:805.	Aug. 14, 1958, Pub. L. 85-642, §15, 72 Stat. 600.

The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The words "outstanding" and "all Federal and State laws applicable thereto" are omitted as unnecessary.