§30712. Distribution of assets on dissolution or final liquidation
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Verbatim text below is from the United States Code (GovInfo), a public-domain U.S. government work.
Full Text
§30712. 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 used by the board of directors for the purpose stated in section 30702 of this title or be transferred to a recognized educational foundation.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 30712 | 36:515. | July 19, 1954, ch. 536, §15, 68 Stat. 492. |
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.
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