§153513 — Title 36 Patriotic and National Observances | U.S. Code

Summary

When the corporation closes and pays all its debts, any leftover assets must be given out as the board of trustees decides: either to the United States Government (to be managed by the Secretary of the Interior under section 100101(a), chapter 1003, and sections 100751(a), 100752, 100753, and 102101 of title 54, United States Code) or to a State or local government to be used for a public purpose. Any distribution must match the corporation’s purposes and follow its charter and bylaws.

Title 36, §153513

Patriotic and National Observances — Source: USLM XML via OLRC

(a)On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed, as decided by the board of trustees, to—

(1)the United States Government, to be administered by the Secretary of the Interior under section 100101(a), chapter 1003, and section 100751(a), 100752, 100753, and 102101 of title 54, United States Code; or

(2)a State or local government to be used for a public purpose.

(b)A distribution under subsection (a) of this section shall be consistent with the purposes of the corporation and in compliance with the charter and bylaws.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 15351336:4614.Aug. 19, 1964, Pub. L. 88–449, § 14, 78 Stat. 499. In subsection (a), the words “the discharge of all liabilities” are substituted for “the corporation’s liabilities have been satisfied” for consistency in the revised title. In clause (1), the words “as amended and supplemented” are omitted as unnecessary. In subsection (b), the words “and Federal and State laws” are omitted as unnecessary.

Editorial Notes

Amendments

2014—Subsec. (a)(1). Pub. L. 113–287 substituted “section 100101(a), chapter 1003, and section 100751(a), 100752, 100753, and 102101 of title 54, United States Code” for “the Act of August 25, 1916 (16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act)”. 2006—Subsec. (a)(1). Pub. L. 109–284 substituted “(16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act)” for “(16 U.S.C. 1 et seq.), known as the National Park Service Organic Act))”.

§153513 Distribution of Assets on Dissolution or Final Liquidation