1997 U.S. Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 87 - CORPORATION FOR THE PROMOTION OF RIFLE PRACTICE AND FIREARMS SAFETY
SUBCHAPTER I - ESTABLISHMENT AND OPERATION OF CORPORATION
Sec. 5509 - Distribution of corporate assets in event of dissolution

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§5509. Distribution of corporate assets in event of dissolution (a) Distribution

If the Corporation dissolves, then—

(1) upon the dissolution of the Corporation, title to all firearms stored at Defense Distribution Depot, Anniston, Anniston, Alabama, on the date of the dissolution, all M–16 rifles that are transferred to the Corporation under section 5505(a)(2) of this title, that are referred to in section 5506(a)(3) of this title, or that are otherwise under the control of the Corporation, and all trophies received by the Corporation from the National Board for the Promotion of Rifle Practice as of such date, shall vest in the Secretary of the Army, and the Secretary shall have the immediate right to the possession of such items;

(2) assets of the Corporation, other than assets described in paragraph (1), may be distributed by the Corporation to an organization that—

(A) is exempt from taxation under section 501(a) of title 26 as an organization described in section 501(c)(3) of such title; and

(B) performs functions similar to the functions described in section 5502(a) of this title; and

(3) all assets of the Corporation that are not distributed pursuant to paragraphs (1) and (2) shall be sold, and the proceeds from the sale of such assets shall be deposited in the Treasury.

(b) Prohibition

Assets of the Corporation that are distributed pursuant to the authority of subsection (a) of this section may not be distributed to an individual.

(Pub. L. 104–106, div. A, title XVI, §1619, Feb. 10, 1996, 110 Stat. 520; Pub. L. 104–201, div. A, title X, §1073(c)(3), Sept. 23, 1996, 110 Stat. 2658.)

Amendments

1996—Subsec. (a)(1). Pub. L. 104–201 substituted “Defense Distribution Depot, Anniston” for “Anniston Army Depot”.