Section 16-7A-6 Disposition of assets upon dissolution. - Alabama Statutes

Section 16-7A-6

Disposition of assets upon dissolution.

In the event of dissolution, the residual assets of the authority shall be turned over to another public corporation or organization which is itself exempt from federal income tax as an organization described in Section 501(c)(3) and Section 170(c) of the Internal Revenue Code of 1954, as amended.

(Acts 1982, 2nd Ex. Sess., No. 82-786, p. 289, §6.)