The liquidation of the assets and affairs of a nonprofit corporation may be discontinued at anytime during the liquidation proceedings when it is established that cause for liquidation no longer exists. In that event, the court shall dismiss the proceedings and direct the receiver to redeliver to the nonprofit corporation all its remaining property and assets.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 3 - Nonprofit Corporations.
Section 10A-3-7.01 - Voluntary Dissolution - Procedure.
Section 10A-3-7.02 - Voluntary Dissolution - Distribution of Assets Generally.
Section 10A-3-7.03 - Voluntary Dissolution - Plan of Distribution of Assets.
Section 10A-3-7.04 - Voluntary Dissolution - Revocation of Voluntary Dissolution Proceedings.
Section 10A-3-7.05 - Voluntary Dissolution - Articles of Dissolution.
Section 10A-3-7.06 - Voluntary Dissolution - Filing of Articles of Dissolution.
Section 10A-3-7.07 - Involuntary Dissolution - Grounds.
Section 10A-3-7.08 - Involuntary Dissolution - Procedure; Notification to Attorney General.
Section 10A-3-7.09 - Involuntary Dissolution - Venue and Service of Process.
Section 10A-3-7.11 - Procedure in Liquidation of Corporation by Court.
Section 10A-3-7.12 - Liquidation - Qualification of Receivers.
Section 10A-3-7.13 - Liquidation - Filing of Claims in Liquidation Proceedings.
Section 10A-3-7.14 - Liquidation - Discontinuance of Liquidation Proceedings.
Section 10A-3-7.15 - Liquidation - Entry of Order of Involuntary Dissolution.
Section 10A-3-7.16 - Filing of Order of Dissolution.