1. (a) Allowable Recipients.— On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed, as decided by the board of trustees, to—

   1. (1) the United States Government, to be administered by the Secretary of the Interior under the Act of August 25, 1916 (16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act); or
   2. (2) a State or local government to be used for a public purpose.
2. (b) Restriction.— A distribution under subsection (a) of this section shall be consistent with the purposes of the corporation and in compliance with the charter and bylaws.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1427; Pub. L. 109–284, § 5(10), Sept. 27, 2006, 120 Stat. 1212.)

In subsection (a), the words “the discharge of all liabilities” are substituted for “the corporation’s liabilities have been satisfied” for consistency in the revised title. In clause (1), the words “as amended and supplemented” are omitted as unnecessary.

In subsection (b), the words “and Federal and State laws” are omitted as unnecessary.

References in Text Act of August 25, 1916, referred to in subsec. (a)(1), is act Aug. 25, 1916, ch. 408, 39 Stat. 35, as amended, known as the National Park Service Organic Act, which is classified generally to sections 1, 2, 3, and 4 of Title 16, Conservation. For complete classification of this Act to the Code, see Short Title note set out under section 1 of Title 16 and Tables.

Amendments 2006—Subsec. (a)(1). Pub. L. 109–284 substituted “(16 U.S.C. 1 et seq.) (known as the National Park Service Organic Act)” for “(16 U.S.C. 1 et seq.), known as the National Park Service Organic Act))”.