Alabama § 41-10-69 Conveyance of Lands, Buildings, Properties, Etc., of Authority to State Upon Payment in Full of Bonds, Etc.; Dissolution of Authority

Alabama Statutes

§ 41-10-69 — Conveyance of Lands, Buildings, Properties, Etc., of Authority to State Upon Payment in Full of Bonds, Etc.; Dissolution of Authority

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 3 Southern Products Mart Authority

(a)When all bonds issued by the authority and all obligations assumed by it under the provisions of this article shall have been paid in full, the 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, whereby there shall be conveyed to the state all the lands, buildings, fixtures, properties, and other assets then owned by the authority.

(b)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 bonds theretofore issued by the authority and the execution and deliver

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(a) When all bonds issued by the authority and all obligations assumed by it under the provisions of this article shall have been paid in full, the 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, whereby there shall be conveyed to the state all the lands, buildings, fixtures, properties, and other assets then owned by the authority.
(b) 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 bonds theretofore issued by the authority 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 authority, whereupon the authority shall stand dissolved.

Alabama § 41-10-69 (Conveyance of Lands, Buildings, Properties, Etc., of Authority to State Upon Payment in Full of Bonds, Etc.; Dissolution of Authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.