Page:United States Statutes at Large Volume 76.djvu/554

 506

Distribution of

assets

PUBLIC LAW 87-651-SEPT. 7, 1962

[76 STAT.

SEC. 18. The corporation may acquire the assets of the National Woman's Relief Corps, Auxiliary to the Grand Army of the Republic, a corporation organized under the laws of the State of Illinois, upon discharging or satisfactorily providing for the payment and discharge of all the liability of such corporation and upon complying with all laws of the State of Illinois applicable thereto. SEC. 19. Upou any dissolution or final liquidation of the corporation, its assets shall be applied and distributed as follows: (a) All liabilities and obligations of the corporation shall be paid, satisfied, and discharged, or adequate provision shall be made therefor; (b) Assets held by the corporation upon condition requiring return, transfer or conveyance, which condition occurs by reason of the dissolution, shall be returned, transferred or conveyed in accordance with such requirements; (c) Assets received and held by the corporation subject to limitations permitting their use only for charitable, religious, eleemosynary, benevolent, educational, or similar purposes, but not held upon a condition requiring return, transfer or conveyance by reason of the dissolution, shall be transferred or conveyed to one or more domestic or foreign corporations, societies, or organizations engaged in activities of a charitable, religious, eleemosynary, benevolent, educational, or similar purpose, pursuant to a plan of distribution adopted as provided in this Act; (d) Other assets, if any, shall be distributed in accordance with the provisions of the articles of incorporation or the bylaws to the extent that the articles of incorporation or bylaws determine the distributive rights of members, or any class or classes of members, or provide for distribution to others; (e) Any remaining assets may be distributed to such persons, societies, organizations or domestic or foreign corporations engaged in activities not for profit, as may be specified in a plan of distribution adopted hj the council of administration of the corporation in compliance with the constitution and bylaws of the corporation and all Federal, State, and District of Columbia laws applicable thereto. SEC. 20. The right to alter, amend, or repeal this Act is expresslj' reserved. Approved September 7, 1962. 'v

Public Law 87-651 September 7, 1962

[H. R. 10433]

^^"^

To amend title 10, United States Code, to codify recent military laws, and to improve the Code.

Be it enacted by the Seiiate and House of Representatives United States of America in Congress assembled, Aimed Forces.

of the

TITLE I. AMENDMENTS TO TITLE 1 0, UNITED STATES C O D E TO

INCORPORATE RECENT LAWS

SEC. 101. The second sentence of section 280 of title 10, United States 70A Stat. 14. Code, is amended Tby ^striking out "513," and "742,". 10 USC 671-686. SEC. 102. (a) Chapter 39 of title 10, United States Code, is amended by adding after section 686:

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