{"data":{"id":"us-ky/krs-273.303","jurisdiction":"us-ky","citation":"KRS 273.303","heading":"Distribution of assets.","body":"The assets of a corporation in the process of dissolution shall be applied and distributed\nas follows:\n(1) All liabilities and obligations of the corporation shall be paid and discharged, or\nadequate provisions shall be made therefor;\n(2) Assets held by the corporation upon condition requiring return, transfer or\nconveyance, which condition occurs by reason of the dissolution, shall be returned,\ntransferred or conveyed in accordance with such requirements;\n(3) Assets received and held by the corporation subject to limitations permitting their\nuse only for charitable, religious, eleemosynary, benevolent, educational or similar\npurposes, but not held upon a condition requiring return, transfer or conveyance by\nreason of the dissolution, shall be transferred  or conveyed to one or more domestic\nor foreign nonprofit corporations, societies, or organizations engaged in activities\nsubstantially similar to those of the dissolving corporation, pursuant to a plan of\ndistribution adopted as provided in KRS 273.161 to 273.390;\n(4) Other assets, if any, shall be distributed in accordance with the provisions of the\narticles of incorporation or the bylaws to the extent that the articles of incorporation\nor bylaws determine the distributive rights of members, or any class  or classes of\nmembers, or provide for distribution to others;\n(5) Any remaining assets may be distributed to such nonprofit societies, organizations\nor domestic or foreign corporations, as may be specified in a plan of distribution\nadopted as provided in KRS 273.161 to 273.390.","path":["KRS Chapter 273"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13682","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:24Z","sha256":"c773a54446d0ebda58f80a5c1bbf9c670b9351a9dc5499038b481b5402ad7e73","source_id":"us-ky","stale":false,"prev":"us-ky/krs-273.302","next":"us-ky/krs-273.307"},"notice":"GroundRules: Original legal text. Not legal advice."}