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154.33.580 Disposition of corporation assets upon termination or dissolution.

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154.33-580 Disposition of corporation assets upon termination or dissolution. Upon termination or dissolution, all rights and properties of the corporation shall pass to <br>and be vested in the Commonwealth of Kentucky, subject to the rights of lienholders and <br>other creditors, unless the board or executive committee directs at such times that they be <br>distributed among one or more corporations, trusts, community chests, funds, or <br>foundations organized and operated exclusively for religious, charitable, scientific, <br>literary, or educational purposes, no part of the net earnings of which inures to the benefit <br>of any private shareholder, member, or individual and no substantial part of whose <br>activities consists of carrying on propaganda, or otherwise attempting to influence <br>legislation. Effective: March 20, 1990 <br>History: Created 1990 Ky. Acts ch. 105, sec. 17, effective March 20, 1990. <br>Formerly codified as KRS 154B.132