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§ 80106. Distribution of assets on dissolution

Type Statute
Publication 2024-04-08
State In force
Department United States Congress
Source OLRC
Reform history JSON API
§ 80106. Distribution of assets on dissolution

On dissolution of the corporation, the board of directors shall liquidate and distribute its assets to organizations qualified as exempt organizations under section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 501(c)(3)) with purposes similar to those of the corporation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1360.)

Historical and Revision Notes
RevisedSection Source (U.S. Code) Source (Statutes at Large)
80106 36:3501(c). Mar. 3, 1901, ch. 860, § 1(c), as added Aug. 7, 1986, Pub. L. 99–376, § 1(3), 100 Stat. 804.

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