Title 36, Patriotic and National ObservancesRelease 119-102
§130311 Distribution of Assets on Dissolution or Final Liquidation
Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 1303 — LEGION OF VALOR OF THE UNITED STATES OF AMERICA, INCORPORATED › § 130311
Summary
When the company closes and pays all its debts, the board of directors decides how to give out any remaining assets, but the distribution must follow the company's constitution and bylaws.
Full Legal Text
Title 36, §130311
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) 13031136:645.Aug. 4, 1955, ch. 546, § 15, 69 Stat. 490. The words “dissolution or final liquidation” are substituted for “final dissolution or liquidation” for consistency in the revised title. 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” for consistency in the revised title. The words “all Federal and State laws applicable thereto” are omitted as unnecessary.
Reference
Citations & Metadata
Citation
36 U.S.C. § 130311
Title 36, Patriotic and National Observances
Last Updated
Aug 21, 2026
Release point: 119-102