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 governors, but in compliance with the bylaws. However, the assets of the corporation are irrevocably dedicated to charitable purposes and may not inure to the benefit of a private person except a fund, foundation, or organization operated exclusively for charitable purposes.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1462.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 220114 | 36:1304(c). | Dec. 29, 1979, Pub. L. 96–165, §4(c), 93 Stat. 1269. |
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Last modified: October 26, 2015