Title 36 — Patriotic and National Observances, Ceremonies, and Organizations
Part B · Chapter 2201 — United Service Organizations, Incorporated
§ 220114. Distribution of assets on dissolution or final liquidation
Statutory 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
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 105–225 · 112 Stat. 1253
Enacted · 36 U.S.C. § 220114
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1462.)
Source evidence
Code source credit
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1462.)
0 of 1 references resolved to an enrolled provision · 1 partial
Notes
historicalAndRevision
| Historical and Revision Notes | ||
|---|---|---|
| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| 220114 | 36:1304(c). | Dec. 29, 1979, Pub. L. 96–165, § 4(c), 93 Stat. 1269. |
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” for consistency in the revised title. The words “and all Federal and State laws applicable thereto” are omitted as unnecessary. The word “organization” is substituted for “association, or corporation” to omit unnecessary words.