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

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