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

1. All liabilities and obligations of the corporation shall be paid, satisfied, and discharged, or adequate provisions shall be made therefor;

2. 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;

3. Assets received and held by the corporation subject to limitations, permitting their use only for charitable, religious, benevolent, education, or similar purposes, but not held upon a condition requiring return, transfer, or conveyance by reason of the dissolution, shall be transferred, or conveyed to the Osage Nation or one or more domestic or foreign corporations, societies or organizations engaged in charitable activities substantially similar to those of the dissolving corporation which, in the case of a public purpose corporation, shall be designated by the Principal Chief and Congress;

4. 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 their distribution. ONCA 21-27, eff. Apr. 6, 2021.