Alabama § 11-95-19 Dissolution of Corporation; Passage of Title to Property of Corporation

Alabama Statutes

§ 11-95-19 — Dissolution of Corporation; Passage of Title to Property of Corporation

Alabama·Title 11 Counties and Municipal Corporations·Ch. 95 Public Hospitals

At any time when a corporation has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the corporation shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the judge of probate with which the corporation’s certificate of incorporation is filed, the corporation shall thereupon stand dissolved and in the event it owned any property at the time of its dissolution, the title to all its properties shall thereupon pass to the authorizing subdivisions as tenants in common.

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At any time when a corporation has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the corporation shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the judge of probate with which the corporation’s certificate of incorporation is filed, the corporation shall thereupon stand dissolved and in the event it owned any property at the time of its dissolution, the title to all its properties shall thereupon pass to the authorizing subdivisions as tenants in common.

Alabama § 11-95-19 (Dissolution of Corporation; Passage of Title to Property of Corporation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.