
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 36USC40706]

 
     TITLE 36--PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND 
                              ORGANIZATIONS
 
            Subtitle II--Patriotic and National Organizations
 
                          Part B--Organizations
 
    CHAPTER 407--CORPORATION FOR THE PROMOTION OF RIFLE PRACTICE AND 
                             FIREARMS SAFETY
 
                        SUBCHAPTER I--CORPORATION
 
Sec. 40706. Distribution of assets on dissolution

    (a) Secretary of the Army.--On dissolution of the corporation, title 
to the following items, and the right to possess the items, vest in the 
Secretary of the Army--
        (1) firearms stored at Defense Distribution Depot, Anniston, 
    Anniston, Alabama on the date of dissolution.
        (2) M-16 rifles under control of the corporation.
        (3) trophies received from the National Board for the Promotion 
    of Rifle Practice through the date of dissolution.

    (b) Tax-Exempt Organizations.--(1) On dissolution of the 
corporation, an asset not described in subsection (a) of this section 
may be distributed to an organization that--
        (A) is exempt from taxation under section 501(a) of the Internal 
    Revenue Code of 1986 (26 U.S.C. 501(a)) as an organization described 
    in section 501(c)(3) of that Code (26 U.S.C. 501(c)(3)); and
        (B) performs functions similar to the functions described in 
    section 40722 of this title.

    (2) An asset distributed under this subsection may not be 
distributed to an individual.
    (c) Treasury.--On dissolution of the corporation, any asset not 
distributed under subsection (a) or (b) of this section shall be sold 
and the proceeds shall be deposited in the Treasury.

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1336.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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---------------------------------
40706(a)..............................  36:5509(a)(1).                   Feb. 1
0, 1996, Pub. L. 104-106, title
                                                                          XVI, 
Sec.  1619, 110 Stat. 520; Sept.
                                                                          23, 1
996, Pub. L. 104-201, title X,
                                                                          Sec. 
 1073(c)(3), 110 Stat. 2657.
40706(b)(1)...........................  36:5509(a)(2).
40706(b)(2)...........................  36:5509(b).
40706(c)..............................  36:5509(a)(3).
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---------------------------------

    In subsection (a), before clause (1), the words ``title to the 
following items, and the right to possess the items, vest in the 
Secretary of the Army'' are substituted for ``title to [specified items] 
. . . shall vest in the Secretary of the Army, and the Secretary shall 
have the immediate right to the possession of such items'' to eliminate 
unnecessary words. In clause (2), the words ``M-16 rifles under control 
of the corporation'' are substituted for ``M-16 rifles that are 
transferred to the Corporation under section 1615(a)(2), that are 
referred to in section 1616(a)(3), or that are otherwise under the 
control of the Corporation'' to eliminate unnecessary words.
    In subsection (b), paragraph (2) is applied only to subsection (b) 
because the prohibition is not relevant to 36:5509(a)(1) or (3).
