36 USC 153513 - Distribution of assets on dissolution or final liquidation

U.S Code last checked for updates: May 19, 2024

§ 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 section 100101(a), chapter 1003, and sections 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)

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; Pub. L. 113–287, § 5(i), Dec. 19, 2014, 128 Stat. 3269.)

cite as: 36 USC 153513