DISTRIBUTION OF CORPORATE ASSETS IN EVENT OF DISSOLUTION.

SEC. 1619. DISTRIBUTION OF CORPORATE ASSETS IN EVENT OF DISSOLUTION. (a) Distribution.— If the Corporation dissolves, then— (1) upon the dissolution of the Corporation, title to all firearms stored at Anniston Army Depot, Anniston, Alabama, on the date of the dissolution, all 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, and all trophies received by the Corporation from the National Board for the Promotion of Rifle Practice as of such date, shall vest in the Secretary of the Army, and the Secretary shall have the immediate right to the possession of such items; (2) assets of the Corporation, other than assets described in paragraph (1), may be distributed by the Corporation to an organization that— (A) is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 as an organization described in section 501(c)(3) of such Code; and (B) performs functions similar to the functions described in section 1612(a); and (3) all assets of the Corporation that are not distributed pursuant to paragraphs (1) and (2) shall be sold, and the 110 STAT. 521proceeds from the sale of such assets shall be deposited in the Treasury. (b) Prohibition.— Assets of the Corporation that are distributed pursuant to the authority of subsection (a) may not be distributed to an individual.