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11-92A-22
Section 11-92A-22 Dissolution of authority. (a) At any time when no bonds of an authority are
outstanding, an authority may be dissolved by the adoption by its board of directors of a
resolution recommending its dissolution and the approval of such dissolution and the proposed
articles of dissolution by the governing body of each county within an authority's authorized
operational area by the adoption of a resolution to the effect that the governing body of
such county concurs with the proposed dissolution of the authority. All counties within the
authorized operational area of an authority must approve the articles of dissolution of an
authority, or such articles of dissolution shall be invalid. Such resolution need not be published
or posted and need not be offered for more than one reading. Upon receiving necessary approval
under this section, the chairman and secretary of the dissolved authority shall execute articles
of dissolution reciting that such resolutions have been adopted...
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11-71-10
Section 11-71-10 Dissolution and liquidation of authority. If at any time an authority has
no assessments outstanding, and has paid all its indebtedness, and distributed any excess
funds, the board may adopt a resolution recommending to the municipality that the authority
be dissolved and liquidated. Upon delivery of a copy of the resolution to the municipality,
if it considers it expedient, the municipality may adopt a resolution declaring the authority
dissolved. Upon declaring the authority dissolved, the authority shall dedicate the facilities
and revitalization projects to the municipality. The municipality must formally accept such
dedicated facilities and projects before it agrees to assume the legal obligation to maintain
the facilities and projects. (Act 2011-689, p. 2105, §10.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-71-10.htm - 1K - Match Info - Similar pages
11-86A-21
Section 11-86A-21 Dissolution of authority; title to property of authority to vest in county
of incorporation upon dissolution of authority unless otherwise provided. (a) At any time
when no bonds of an authority are outstanding, the authority may be dissolved by the adoption
of a resolution by the board of directors recommending dissolution and by the approval of
the dissolution by the governing body of the county of incorporation and each participating
municipality and the adoption of a resolution to the effect that the county and each participating
municipality concur. The resolution need not be published or posted and need not be offered
for more than one reading. Upon the dissolution the chair and secretary of the dissolved authority
shall execute articles of dissolution reciting that the resolutions have been adopted and
that the authority has been dissolved. The articles of dissolution shall be filed with the
probate judge, who shall record the dissolution. (b) Upon dissolution...
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4-3-61
Section 4-3-61 Procedure for dissolution. At any time when no bonds of the authority are outstanding,
the authority may be dissolved upon the filing with the judge of probate in the county in
which is filed the certificate of incorporation of an application for dissolution, which shall
be subscribed by each of the members of the authority and sworn to by each member before an
officer authorized to take acknowledgments to deeds and shall have appended thereto a certified
copy of a resolution of the authorizing subdivision or authorizing subdivisions consenting
to such dissolution. Upon the filing of such application for dissolution, the authority shall
cease to exist. Said probate judge shall receive and record the application for dissolution
in an appropriate book of record in his office. Upon dissolution, all rights, title and interests
of the authority in property shall be vested in the authorizing subdivisions pursuant to the
provisions of the certificate of incorporation or, in the...
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14-2-34
Section 14-2-34 Dissolution. When all bonds and securities issued by the authority and all
obligations assumed by it under the provisions of this chapter shall have been paid in full,
the then president of the authority shall thereupon execute and deliver in the name of, and
in behalf of, the authority an appropriate deed or deeds, to which the seal of the authority
shall be affixed and attested by the secretary of the authority, conveying all facilities
and other assets then owned by the authority to the state. The then officers and directors
of the authority may at such time file with the Secretary of State a written statement, subscribed
and sworn to by each of them, reciting the payment in full of all bonds theretofore issued
by the authority and the execution and delivery of such deed or deeds, which statement shall
be filed by the Secretary of State and recorded with the certificate of incorporation of the
authority, and thereupon the authority shall stand dissolved. (Acts 1965,...
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22-29-23
Section 22-29-23 Dissolution. When all bonds issued by the authority and all obligations made
or assumed by it under the provisions of this chapter shall have been paid in full, the then
officers and directors of the authority shall at such time file with the Secretary of State
a written statement, subscribed and sworn to by each of them, reciting the payment in full
of all such bonds and obligations. Such statement shall be filed with the Secretary of State
and recorded with the certificate of incorporation of the authority, and thereupon, the authority
shall stand dissolved. Any property owned by the authority but leased to a local public body
shall become the property of such local public body and any property owned by the authority
and not leased to any local public body shall become the property of the state. (Acts 1971,
No. 42, p. 279, §23.)...
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10A-2A-14.05
Section 10A-2A-14.05 Effect of dissolution. (a) A dissolved corporation continues its existence
as a corporation but may not carry on any business except as is appropriate to wind up and
liquidate its business and affairs, including: (1) collecting its assets; (2) disposing of
its properties that will not be distributed in kind to stockholders; (3) discharging or making
provisions for discharging its liabilities; (4) distributing its remaining property among
its stockholders according to their interests; and (5) doing every other act necessary to
wind up and liquidate its business and affairs. (b) In winding up its business and affairs,
a corporation may: (1) preserve the corporation's business and affairs and property as a going
concern for a reasonable time; (2) prosecute, defend, or settle actions or proceedings whether
civil, criminal, or administrative; (3) transfer the corporation's assets; (4) resolve disputes
by mediation or arbitration; (5) merge or convert in accordance with...
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2-6-127
Section 2-6-127 Dissolution of corporation. When all securities issued by the corporation and
all obligations assumed by it under this article shall have been paid in full, the then president
of the corporation shall execute and deliver in the name of and in behalf of the corporation
an appropriate deed, or deeds, to which the seal of the corporation shall be affixed and attested
by the secretary of the corporation, whereby there shall be conveyed to the state all the
buildings, properties, and other assets then owned by the corporation. The then officers and
directors of the corporation shall at such time file with the Secretary of State a written
statement, subscribed and sworn to by each of them, reciting the payment in full of all bonds
issued by the corporation and the execution and delivery of such deed or deeds to the state,
which statement shall be filed by the Secretary of State and recorded with the certificate
of incorporation of the corporation, whereupon the corporation...
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41-10-550
Section 41-10-550 Appropriation and pledge of funds for authority obligations. (a) For the
purpose of providing funds to enable the authority to pay debt service referable to any bonds
issued by it, amounts due on any authority guaranties entered into by it under this division
and other obligations incurred by the authority pursuant to this division, and to pay the
costs of acquiring, operating, and maintaining any project or other property the authority
may own, acquire, or operate and to pay any other costs, expenses, or obligations of the authority,
there is irrevocably pledged to such purpose and is appropriated to the authority so much
as may be necessary therefor of the appropriated funds. All moneys hereby appropriated and
pledged shall be deposited in a special fund maintained by the State Treasurer separate and
apart from all other funds under his or her supervision, and the State Treasurer is hereby
directed to cause moneys in the special fund to be disbursed solely for the...
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10A-2-14.05
Section 10A-2-14.05 Effect of dissolution. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94
EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A dissolved corporation
continues its corporate existence but may not carry on any business except that appropriate
to wind up and liquidate its business and affairs, including: (1) Collecting its assets; (2)
Disposing of its properties that will not be distributed in kind to its shareholders; (3)
Discharging or making provision for discharging its liabilities; (4) Distributing its remaining
property among its shareholders according to their interests; and (5) Doing every other act
necessary to wind up and liquidate its business and affairs. (b) Dissolution of a corporation
does not: (1) Alter the limited liability status of its subscribers and shareholders under
Section 10A-2-6.22, except as provided in Section 10A-1-9.22(d)(2) with respect to assets
distributed to a shareholder in liquidation; (2) Transfer title to...
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