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Title 36 — Patriotic and National ObservancesRelease 119-73not60

§153713 Distribution of Assets on Dissolution or Final Liquidation

Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 1537— NATIONAL WOMAN’S RELIEF CORPS, AUXILIARY TO THE GRAND ARMY OF THE REPUBLIC › § 153713

Last updated Apr 5, 2026|Official source

Summary

When a corporation closes, it must pay its debts or arrange to pay them and return any property that was given on a condition. Property given for charitable or similar uses (without a return rule) must go to suitable domestic or foreign organizations under a plan. Other assets follow the articles or bylaws. Remaining assets may go to nonprofits under a plan the council of administration approves.

Full Legal Text

Title 36, §153713

Patriotic and National Observances — Source: USLM XML via OLRC

On dissolution or final liquidation of the corporation, its assets shall be distributed as follows:
(1)All liabilities shall be paid and discharged, or adequate provision for payment and discharge shall be made.
(2)Assets held on condition requiring return or transfer on dissolution of the corporation shall be returned or transferred as required by the condition.
(3)Assets received and held subject to a limitation permitting use only for charitable, religious, benevolent, educational, or similar purposes, but not held on a condition requiring return or transfer on dissolution of the corporation, shall be transferred to one or more appropriate domestic or foreign corporations, societies, or organizations under a plan of distribution adopted as provided in this chapter.
(4)Other assets shall be distributed as provided by the articles of incorporation or bylaws to the extent that the articles or bylaws provide the distributive rights of members, or any class of members, or provide for distribution to others.
(5)Any remaining assets may be distributed to persons, societies, organizations, or domestic or foreign corporations engaged in activities not for profit, as provided in a plan of distribution adopted by the council of administration 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) 15371336:1019.Sept. 7, 1962, Pub. L. 87–650, § 19, 76 Stat. 506. Before clause (1), the word “applied” is omitted as included in “distributed” and for consistency in the revised title. In clause (1), the word “obligations” is omitted as included in “liabilities”, and the word “satisfied” is omitted as included in “discharged”. In clauses (2) and (3), the words “conveyance” and “conveyed” are omitted as included in “transfer” and “transferred”, respectively. In clause (3), the word “eleemosynary” is omitted as included in “charitable”. In clause (5), the words “and all Federal, State, and District of Columbia laws applicable thereto” are omitted as unnecessary.

Reference

Citations & Metadata

Citation

36 U.S.C. § 153713

Title 36 — Patriotic and National Observances

Last Updated

Apr 5, 2026

Release point: 119-73not60