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30.0205 Liquidation.

Cite as [A.S.C.A. § 30.0205]

Upon the dissolution or winding up of an eleemosynary corporation, after paying or adequately providing for the debts and obligations of the corporation, the officers or persons in charge of the liquidation shall divide the remaining assets among the members in accordance with their respective rights therein. If the corporation holds its assets on any trust, such assets shall be disposed of in such manner as may be directed by the decree of the High Court of American Samoa upon petition filed for that purpose by the Attorney General or any party concerned in the liquidation.

History: 1962, PL 7-20; 1968, PL 10-64.