Title 36 — Patriotic and National ObservancesRelease 119-73
§70512 Deposit of assets on dissolution or final liquidation
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 705— - THE FOUNDATION OF THE FEDERAL BAR ASSOCIATION › § 70512
Full Legal Text
Title 36, §70512
Patriotic and National Observances — Source: USLM XML via OLRC
On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed—
(a)as provided by the board of directors; and
(b)in compliance with the charter and bylaws.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 7051236:585.Aug. 24, 1954, ch. 911, § 15, 68 Stat. 800. 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
2025—Pub. L. 119–57 amended section generally. Prior to amendment, text read as follows: “On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be deposited in the Treasury of the United States as a miscellaneous receipt.”
Reference
Citations & Metadata
Citation
36 U.S.C. § 70512
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73