Section 16-33B-7 Dissolution of program; vesting of property. - Alabama Statutes

Section 16-33B-7

Dissolution of program; vesting of property.

The loan program may not be dissolved until all guaranteed loans have been repaid by the borrowers, or if in default, by ACHE. Upon dissolution of the loan program, all the property and moneys of the program not owed to the federal government shall vest in the Education Trust Fund, or its successor fund.

(Acts 1980, No. 80-733, p. 1484, §7.)