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164A.230 Dissolution of corporation.

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164A.230 Dissolution of corporation. 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 (1) 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. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 387, sec. 23, effective June 17, 1978.