Connecticut Statutes
§ 32-36 — Perpetual succession. Termination.
Connecticut·Title 32 Commerce and Economic and Community Development·Ch. 581 Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
The corporation shall have perpetual succession and shall adopt, amend and repeal bylaws for the conduct of its affairs. Such succession shall continue until the existence of the corporation is terminated by law, provided no such termination shall affect any outstanding contractual obligation of the corporation to assist any person and the state shall succeed to the obligations of the corporation under such contract. Upon termination of the corporation its rights and properties shall pass to and be vested in the state.
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Legislative History
(1972, P.A. 248, S. 5; P.A. 86-255, S. 2; P.A. 88-266, S. 15, 46.) History: P.A. 86-255 repealed provision requiring corporation to adopt, amend and repeal regulations; P.A. 88-266 specified that corporation rights and properties are vested in state upon corporation's termination.
Nearby Sections
15
§ 32-1
Members.§ 32-101
Termination of council.§ 32-11a
Connecticut Innovations, Incorporated. Successor agency to Connecticut Development Authority.§ 32-11b
Definitions.§ 32-11e
Corporation subsidiaries.§ 32-11g
Connecticut Innovations, Incorporated. Successor to Connecticut Brownfields Redevelopment Authority.§ 32-140
Definitions.§ 32-15
Applications for insurance.