Section 10-10-16 Distribution of assets on dissolution. - Alabama Statutes

Section 10-10-16

Distribution of assets on dissolution.

In the event of dissolution of a stock-type professional association, the board of governors, as trustees of the property of such professional association, shall apply the assets first to the payment of debts of the association and, secondly, to the holders of the stock as provided in the articles of association. In the event of dissolution of a nonstock-type association, the assets shall be distributed, or sold, and the net proceeds distributed first to the payment of debts of the association and, secondly, to or among the members of the association, as the articles of association shall provide.

(Acts 1961, No. 865, p. 1349, §13.)