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36 U.S.C. § 40706 - U.S. Code - Unannotated Title 36. Patriotic and National Observances, Ceremonies, and Organizations § 40706. Distribution of assets on dissolution

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Secretary of the Army.--On dissolution of the corporation, title to the following items, and the right to possess the items, vest in the Secretary of the Army:

(1) Firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama on the date of dissolution.

(2) M-16 rifles under control of the corporation.

(3) Trophies received from the National Board for the Promotion of Rifle Practice through the date of dissolution.

(b) Tax-exempt organizations.--(1) On dissolution of the corporation, an asset not described in subsection (a) of this section may be distributed to an organization that--

(A) is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and

(B) performs functions similar to the functions described in section 40722 of this title.

(2) An asset distributed under this subsection may not be distributed to an individual.

(c) Treasury.--On dissolution of the corporation, any asset not distributed under subsection (a) or (b) of this section shall be sold and the proceeds shall be deposited in the Treasury.

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Cite this article: FindLaw.com - 36 U.S.C. § 40706 - U.S. Code - Unannotated Title 36. Patriotic and National Observances, Ceremonies, and Organizations § 40706. Distribution of assets on dissolution - last updated January 01, 2024 | https://codes.findlaw.com/us/title-36-patriotic-and-national-observances-ceremonies-and-organizations/36-usc-sect-40706/

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