36 USC 70512: Deposit of assets on dissolution or final liquidation
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*Public Law 119-60 has been enacted, but classifications have not been finalized. The currency ("laws in effect") date does not reflect acts for which classifications have not been finalized.

36 USC 70512: Deposit of assets on dissolution or final liquidation Text contains those laws in effect on January 11, 2026
From Title 36-PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONSSubtitle II-Patriotic and National OrganizationsPart B-OrganizationsCHAPTER 705-THE FOUNDATION OF THE FEDERAL BAR ASSOCIATION
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§70512. Deposit of assets on dissolution or final liquidation

On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed-

(a) as provided by the board of directors; and

(b) in compliance with the charter and bylaws.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1354 ; Pub. L. 119–57, §8, Dec. 12, 2025, 139 Stat. 712 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
70512 36:585. Aug. 24, 1954, ch. 911, §15, 68 Stat. 800 .

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.


Editorial Notes

Amendments

2025-Pub. L. 119–57 amended section generally. Prior to amendment, text read as follows: "On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be deposited in the Treasury of the United States as a miscellaneous receipt."