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The assets of a corporation in the process of dissolution shall be applied and distributed as follows:

(a) All liabilities and obligations of the corporation shall be paid, satisfied, and discharged, or adequate provisions shall be made therefor;

(b) Assets held by the corporation upon condition requiring return, transfer, or conveyance, which condition occurs by reason of the dissolution, shall be returned, transferred, or conveyed in accordance with such requirements;

(c) Assets received and held by the corporation subject to limitations, permitting their use only for purposes listed in this chapter, but not held upon a condition requiring return, transfer, or conveyance by reason of dissolution, shall be transferred or conveyed to one or more domestic corporations, societies, or organizations structured under tribal law engaged in activities in the community substantially similar to those of the dissolving corporation, pursuant to a plan of distribution adopted as provided in this chapter; and

(d) Other assets, if any, shall be distributed in accordance with the provisions of the articles of incorporation or the bylaws to the extent that the articles of incorporation or bylaws determine the distributive rights of members or provide for distribution to others. [Res. 2011-32; 2008 Code § 9.3.4.2]