Remaining assets are distributed as the board provides and in compliance with the charter and bylaws
What the document says“``On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed-- ``(a) as provided by the board of directors; and ``(b) in compliance with the charter and bylaws.''”
The section amends section 70512 of title 36, United States Code, to read as quoted. On dissolution or final liquidation of the corporation, assets remaining after all liabilities are discharged are to be distributed as the board of directors provides, and in compliance with the charter and bylaws. The Act names no recipient.
What the document actually says“``On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed-- ``(a) as provided by the board of directors; and ``(b) in compliance with the charter and bylaws.''”
When the group shuts down, it must first pay all it owes. What is left is then handed out. The board says where it goes. The charter and the rules must be met.
To shut down is to end the group for good. Debts come first. Only then is the rest handed out.
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