(a)
(1) A water authority shall be dissolved upon the expiration of its term of existence as set forth in the water authority's articles if the term of existence is less than perpetual in nature.
(2) Upon the dissolution, a notice shall be filed with both the Arkansas Natural Resources Commission and the Secretary of State.
(b)
(1) A water authority may also be dissolved upon filing articles of dissolution with the approval in writing by the commission.
(2) If approved by the commission, articles of dissolution shall also be filed with the Secretary of State.
(c) Upon dissolution, any assets of a water authority remaining after payment of claims and liabilities of the water authority shall be transferred to another water authority with approval of the commission or to the State of Arkansas or a subdivision of the state, including the commission.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 35 - Water Authority Act
Subchapter 1 - General Provisions
§ 4-35-101. Legislative intent
§ 4-35-105. Authority generally
§ 4-35-107. Freedom of Information Act of 1967 applicable
§ 4-35-108. Tax exemption of projects
§ 4-35-109. Arkansas Public Service Commission — Exemption from jurisdiction