§ 10015 Corporation Sole Asset Distribution
This rule says that when a corporation that belongs to a religious group shuts down, it must first pay all its debts, and then any leftover stuff goes to the religious group, its trustees, or is decided by a court if asked.
A church‑run charity corporation decides to close down after it has paid all its bills.
After the charity pays what it owes, any money or property left over will be given to the church or the people who manage the church, unless the Attorney General or someone else asks a court to decide what to do with it.
AI-generated — May contain errors. Not legal advice. Always verify source.
§ 10015 Corporation Sole Asset Distribution
Last verified: January 10, 2026