Distribution of assets on dissolution or final liquidation

  1. Law
  2. USC 36
  3. Patriotic And National Observances, Ceremonies, And Organizations
  4. Patriotic and National Organizations
  5. Organizations
  6. FUTURE FARMERS OF AMERICA
  7. Distribution of assets on dissolution or final liquidation

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§70914. Distribution of assets on dissolution or final liquidation

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

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1359 ; Pub. L. 116–7, §15, Feb. 21, 2019, 133 Stat. 482 .)

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.


Editorial Notes

Amendments

2019-Pub. L. 116–7 substituted "FFA" for "corporation" and "agricultural education" for "vocational agriculture".


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