15.2-5365 - Proceedings for dissolution. - Virginia Statutes

§ 15.2-5365. Proceedings for dissolution.

Whenever it appears to the commissioners of an authority that the need, asprovided in § 15.2-5305, for such authority in the city in which it wascreated no longer exists, upon petition by the commissioners to the circuitcourt for such city, after giving to the city ten days' notice and upon theproduction of satisfactory evidence in support of such petition, the courtmay, in its discretion, enter an order declaring that the need for suchauthority in the city no longer exists and approving a plan for completingthe business of the authority, the payment or assumption of its obligations,and the transfer of its assets.

(Code 1950, § 32-275.1; 1962, c. 395, § 15.1-1600; 1979, c. 719; 1997, c.587.)