Ohio § 1724.07 Application of remaining assets after dissolution or liquidation

Ohio Statutes

§ 1724.07 — Application of remaining assets after dissolution or liquidation

Ohio § 1724.07

Title 17Corporations-Partnerships

Ch. 1724Community Improvement Corporations

This text of Ohio § 1724.07 (Application of remaining assets after dissolution or liquidation) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1724.07 (2026).

Text

Except as provided in section703.376of the Revised Code, in the event of voluntary or involuntary dissolution, liquidation, or failure to reinstate the articles after cancellation of the community improvement corporation, any remaining assets shall be applied as follows:

(A)In the case of an economic development corporation, to such civic projects or public charitable purposes in the community or area as may be determined by the directors with the approval of the court of common pleas of the county wherein the corporation has its principal place of business;

(B)In the case of a county land reutilization corporation, as determined by the board of county commissioners with the written approval of the county treasurer. Pending the determination, the remaining assets shall be transferred t

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Except as provided in section703.376of the Revised Code, in the event of voluntary or involuntary dissolution, liquidation, or failure to reinstate the articles after cancellation of the community improvement corporation, any remaining assets shall be applied as follows:

(A) In the case of an economic development corporation, to such civic projects or public charitable purposes in the community or area as may be determined by the directors with the approval of the court of common pleas of the county wherein the corporation has its principal place of business;

(B) In the case of a county land reutilization corporation, as determined by the board of county commissioners with the written approval of the county treasurer. Pending the determination, the remaining assets shall be transferred to the general fund of the county to be held and accounted for in a separate account until applied as determined by the board.

Last updated February 7, 2024 at 1:26 PM