---
kind: "section"
citation: "36 U.S.C. § 40511"
title: "36"
title_heading: "Patriotic and National Observances, Ceremonies, and Organizations"
number: "40511"
heading: "Distribution of assets on dissolution or final liquidation"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/36/40511"
units:
  - "Subtitle II — Patriotic and National Organizations"
  - "Part B — Organizations"
  - "Chapter 405 — Congressional Medal of Honor Society of the United States of America"
---

# §40511. Distribution of assets on dissolution or final liquidation


On dissolution or final liquidation of the [corporation](/usc/36/220501.md?p=b-7), any assets remaining after the discharge of all liabilities shall be distributed as provided by the board of directors, but in compliance with the bylaws.


## Source credit

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1335.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised<br>Section | Source (U.S. Code) | Source (Statutes at Large) |
| 40511 | 36:805. | Aug. 14, 1958, Pub. L. 85–642, § 15, 72 Stat. 600. |

The word “satisfaction” is omitted as included in “discharge”, and the word “obligations” is omitted as included in “liabilities”. The words “outstanding” and “all Federal and State laws applicable thereto” are omitted as unnecessary.