Title 36, Patriotic and National ObservancesRelease 119-102
§130513 Distribution of Assets on Dissolution or Final Liquidation
Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 1305 — LITTLE LEAGUE BASEBALL, INCORPORATED › § 130513
Summary
At closing, after debts paid, remaining assets go where the board directs, and must follow the corporation’s purposes and bylaws.
Full Legal Text
Title 36, §130513
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 consistent with the purposes of the corporation and 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) 13051336:1085.July 16, 1964, Pub. L. 88–378, § 15, 78 Stat. 328. 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 words “outstanding” and “and all Federal and State laws applicable thereto” are omitted as unnecessary.
Reference
Citations & Metadata
Citation
36 U.S.C. § 130513
Title 36, Patriotic and National Observances
Last Updated
Aug 21, 2026
Release point: 119-102