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. This section does not allow assets to be distributed to an officer or employee or to inure to the benefit of a private person.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1370.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 110310 | 36:924. | Sept. 2, 1958, Pub. L. 85–903, §14, 72 Stat. 1741. |
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Last modified: October 26, 2015