In proceedings to liquidate the assets and affairs of a nonprofit corporation, when the costs and expenses of the proceedings and all debts, obligations, and liabilities of the nonprofit corporation shall have been paid and discharged and all of its remaining property and assets distributed in accordance with the provisions of this chapter, or in case its property and assets are not sufficient to satisfy and discharge the costs, expenses, debts, and obligations, and all the property and assets have been applied so far as they will go to their payment, the court shall enter an order dissolving the nonprofit corporation, whereupon the existence of the nonprofit corporation shall cease.
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.