43-33-757 - Term of corporate existence; termination. - Mississippi Statutes

§ 43-33-757. Term of corporate existence; termination.
 

The corporation and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the corporation shall have bonds, notes, or other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the corporation, all of its rights and properties in excess of its obligations shall pass to and be vested in the state as follows: 
 

(a) All excess monies shall be deposited into the General Fund of the State Treasury; and 

(b) All of the property shall be vested in the State Fiscal Management Board, or its successor, unless otherwise provided by the Legislature. 
 

Sources: Laws,  1989, ch. 525, § 30, eff from and after July 1, 1989.