36 USC 70914: Distribution of assets on dissolution or final liquidation
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36 USC 70914: Distribution of assets on dissolution or final liquidation Text contains those laws in effect on January 7, 2011
From Title 36-PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONSSubtitle II-Patriotic and National OrganizationsPart B-OrganizationsCHAPTER 709-FUTURE FARMERS OF AMERICA
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§70914. Distribution of assets on dissolution or final liquidation

On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be used by the board of directors for the benefit of students of vocational agriculture or be transferred to a recognized educational foundation.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1359 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
70914 36:285. Aug. 30, 1950, ch. 823, §15, 64 Stat. 566 .

The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The word "outstanding" is omitted as unnecessary.