§70914. Distribution of assets on dissolution or final liquidation
Primary source
Verbatim text below is from the United States Code (GovInfo), a public-domain U.S. government work.
Full Text
§70914. Distribution of assets on dissolution or final liquidation
On dissolution or final liquidation of the FFA, any assets remaining after the discharge of all liabilities shall be used by the board of directors for the benefit of students of agricultural education or be transferred to a recognized educational foundation.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70914 | 36:285. | Aug. 30, 1950, ch. 823, §15, 64 Stat. 566. |
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.
Editorial Notes
Amendments
2019—Pub. L. 116–7 substituted "FFA" for "corporation" and "agricultural education" for "vocational agriculture".
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.