36 USC 230313 - Termination of existence and distribution of assets

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

§ 230313.

Termination of existence and distribution of assets

(a)

Authority To Make Contingent Provisions.—

The national convention, by resolution, may declare that the corporate existence will terminate on the occurrence of a specified event and provide for the disposition of any property remaining after the discharge of all liabilities.

(b)

Procedure for Carrying Out Contingent Provisions.—

(1)

An authenticated copy of the national convention’s resolution must be filed in the office of the United States District Court for the District of Columbia.

(2)

The court shall take jurisdiction when—

(A)

the declared event has occurred; and

(B)

a petition is filed with the court reciting the relevant facts.

(3)

On proof of the facts, the court shall enter an order vesting title and ownership in accordance with the resolution of the national convention.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1485.)

cite as: 36 USC 230313