Alabama § 24-1A-17 Dissolution of Authority; Vesting Title to Property in State

Alabama Statutes

§ 24-1A-17 — Dissolution of Authority; Vesting Title to Property in State

Alabama·Title 24 Housing·Ch. 1A Alabama Housing Finance Authority·Art. 1 Housing Finance Authority

At any time when an authority has no bonds or other obligations outstanding, its board of directors may by the unanimous vote of all directors present adopt a resolution declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the Secretary of State, the authority shall thereupon stand dissolved and in the event it shall own any property at the time of its dissolution, the title of all its properties shall thereupon pass to the state.

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At any time when an authority has no bonds or other obligations outstanding, its board of directors may by the unanimous vote of all directors present adopt a resolution declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the Secretary of State, the authority shall thereupon stand dissolved and in the event it shall own any property at the time of its dissolution, the title of all its properties shall thereupon pass to the state.

Alabama § 24-1A-17 (Dissolution of Authority; Vesting Title to Property in State) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.