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198A.230 Disposition of corporation assets upon termination or dissolution.

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198A.230 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 of directors directs at such times that they be distributed <br>among one or more corporations, trusts, community chests, funds or foundations <br>organized and operated exclusively for religious, charitable, scientific, literary, or <br>educational purposes, no part of the net earnings of which inures to the benefit of any <br>private shareholder, member or individual and no substantial part of whose activities <br>consists of carrying on propaganda, or otherwise attempting to influence legislation. History: Created 1972 Ky. Acts ch. 70, sec. 24.