36 USC 153513 - Distribution of Assets on Dissolution or Final Liquidation

(a) Allowable Recipients.—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 the Act of August 25, 1916 (16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act); or

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

(b) Restriction.—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.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1427; Pub. L. 109–284, §5(10), Sept. 27, 2006, 120 Stat. 1212.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
153513	36:4614.	Aug. 19, 1964, Pub. L. 88–449, §14, 78 Stat. 499.

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Last modified: October 26, 2015