Title 36 — Patriotic and National Observances, Ceremonies, and Organizations
Part B · Chapter 407 — Corporation for the Promotion of Rifle Practice and Firearms Safety
§ 40706. Distribution of assets on dissolution
Statutory text
Secretary of the Army.—
On dissolution of the corporation, title to the following items, and the right to possess the items, vest in the Secretary of the Army:
Firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama on the date of dissolution.
M–16 rifles under control of the corporation.
Trophies received from the National Board for the Promotion of Rifle Practice through the date of dissolution.
Tax-Exempt Organizations.—
On dissolution of the corporation, an asset not described in subsection (a) of this section may be distributed to an organization that—
is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and
performs functions similar to the functions described in section 40722 of this title.
An asset distributed under this subsection may not be distributed to an individual.
Treasury.—
On dissolution of the corporation, any asset not distributed under subsection (a) or (b) of this section shall be sold and the proceeds shall be deposited in the Treasury.
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. § 40706
Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1336
Source evidence
Code source credit
Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1336Pub. L. 113–237 § 3(c)(3) · 128 Stat. 2833
Substituted · 36 U.S.C. § 40706(a)
Pub. L. 113–237 substituted colon for dash at end of introductory provisions, “Firearms” for “firearms” in par. (3)
Substituted · 36 U.S.C. § 40706(a)
Pub. L. 113–237 substituted colon for dash at end of introductory provisions, “Trophies” for “trophies” in par. (3)
Source evidence
Code amendment note
Subsec. (a). Pub. L. 113–237 substituted colon for dash at end of introductory provisions, “Firearms” for “firearms” in par. (1) and “Trophies” for “trophies” in par. (3).Enacted provision · exact public law section
(3) Corporation for the promotion of rifle practice and firearms safety.— In section 40706(a)— (A) in the matter before paragraph (1), strike the dash appearing after “the Secretary of the Army” and insert a colon; (B) in paragraph (1), strike “firearms” and insert “Firearms”; and (C) in paragraph (3), strike “trophies” and insert “Trophies”.
2 of 3 references resolved to an enrolled provision · 1 partial
Notes
historicalAndRevision
| Historical and Revision Notes | ||
|---|---|---|
| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| 40706(a) | 36:5509(a)(1). | Feb. 10, 1996, Pub. L. 104–106, title XVI, § 1619, 110 Stat. 520; Sept. 23, 1996, Pub. L. 104–201, title X, § 1073(c)(3), 110 Stat. 2657. |
| 40706(b)(1) | 36:5509(a)(2). | |
| 40706(b)(2) | 36:5509(b). | |
| 40706(c) | 36:5509(a)(3). | |
In subsection (a), before clause (1), the words “title to the following items, and the right to possess the items, vest in the Secretary of the Army” are substituted for “title to [specified items] . . . shall vest in the Secretary of the Army, and the Secretary shall have the immediate right to the possession of such items” to eliminate unnecessary words. In clause (2), the words “M–16 rifles under control of the corporation” are substituted for “M–16 rifles that are transferred to the Corporation under section 1615(a)(2), that are referred to in section 1616(a)(3), or that are otherwise under the control of the Corporation” to eliminate unnecessary words.
In subsection (b), paragraph (2) is applied only to subsection (b) because the prohibition is not relevant to 36:5509(a)(1) or (3).
Editorial Notes
Amendments
2014—Subsec. (a). Pub. L. 113–237 substituted colon for dash at end of introductory provisions, “Firearms” for “firearms” in par. (1) and “Trophies” for “trophies” in par. (3).
Credits
1998–2014 · 2 acts
Show as published
(Pub. L. 105–225, , 112 Stat. 1336; Pub. L. 113–237, § 3(c)(3), , 128 Stat. 2840.)