36 USC § 130311 - Distribution of assets on dissolution or final liquidation

---
identifier: "/us/usc/t36/s130311"
source: "usc"
legal_status: "official_legal_evidence"
title: "36 USC § 130311 - Distribution of assets on dissolution or final liquidation"
title_number: 36
title_name: "PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS"
section_number: "130311"
section_name: "Distribution of assets on dissolution or final liquidation"
chapter_number: 1303
chapter_name: "LEGION OF VALOR OF THE UNITED STATES OF AMERICA, INCORPORATED"
part_number: "B"
part_name: "Organizations"
positive_law: true
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1376.)"
---


# § 130311. 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 distributed as provided by the board of directors, but in compliance with the constitution and bylaws of the corporation.

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**Source Credit**: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1376.)

| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| --- | --- | --- |
| 130311 | 36:645. | Aug. 4, 1955, ch. 546, § 15, 69 Stat. 490. |

The words “dissolution or final liquidation” are substituted for “final dissolution or liquidation” for consistency in the revised title. 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. The words “as provided by” are substituted for “in accordance with the determination of” for consistency in the revised title. The words “all Federal and State laws applicable thereto” are omitted as unnecessary.