KRS 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 th ey 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.