19-5-165 - District as public corporation; transfer of assets and liabilities of rural water association to newly created water district. - Mississippi Statutes

§ 19-5-165. District as public corporation; transfer of assets and liabilities of rural water association to newly created water district.
 

(1)  Beginning on the date of the adoption of the resolution creating any district, the district shall be a public corporation in perpetuity under its corporate name and shall, in that name, be a body politic and corporate with power of perpetual succession. 

(2)  If the creation of the district is initiated in accordance with Section 19-5-153(3), all assets and liabilities of the nonprofit, nonshare corporation shall become the assets and liabilities of the newly organized district without any further meetings, voting, notice to creditors or actions by members of the board beginning on the date of adoption of the resolution of the board of supervisors creating the district. 
 

Sources: Codes, 1942, § 2998.7-22; Laws,  1972, ch. 536, § 2; Laws, 1999, ch. 304, § 3, eff from and after August 2, 1999 (the date the United States Attorney General interposed no objection under Section 5 of the Voting Rights Act of 1965 to the amendment of this section).