Title 36 — Patriotic and National ObservancesRelease 119-73
§154113 Distribution of assets on dissolution or final liquidation
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1541— - NAVAL SEA CADET CORPS › § 154113
Full Legal Text
Title 36, §154113
Patriotic and National Observances — Source: USLM XML via OLRC
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 constitution and bylaws of the corporation.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 15411336:1055.Sept. 10, 1962, Pub. L. 87–655, § 15, 76 Stat. 533. 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” to eliminate unnecessary words. The words “and all Federal and State laws applicable thereto” are omitted as unnecessary.
Reference
Citations & Metadata
Citation
36 U.S.C. § 154113
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73