Section 24-1A-17 Dissolution of authority; vesting title to property in state. - Alabama Statutes

Section 24-1A-17

Dissolution of authority; vesting title to property in state.

At any time when an authority has no bonds or other obligations outstanding, its board of directors may by the unanimous vote of all directors present adopt a resolution declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the Secretary of State, the authority shall thereupon stand dissolved and in the event it shall own any property at the time of its dissolution, the title of all its properties shall thereupon pass to the state.

(Acts 1980, No. 80-585, p. 899, §19.)