When the principal of and interest on all bonds issued by the corporation shall have been paid, the title to all facilities then owned by the corporation shall thereupon vest in the municipality with respect to which the corporation shall have been organized, and all rights and powers of the corporation with respect to said facilities shall thereupon terminate and the corporation shall thereupon stand dissolved.
The then members of the board of directors of the corporation shall thereupon execute and file for record in the office of the judge of probate of the county in which the certificate of incorporation of the corporation was filed an appropriate certificate reciting the payment of the principal of and interest on the bonds of the corporation, which certificate shall also describe the facilities owned by the corporation at the time of its dissolution, but the failure of the members of said board of directors to make such certificate or to file the same for record as aforesaid shall not affect the automatic dissolution of the corporation and the vesting of title to its facilities in the municipality as provided in this section.
At any time prior to the issuance of bonds or other obligations as evidence of debt, the board of directors of the corporation may, with the approval of the governing body of the municipality, file for record in the office of the judge of probate of the county in which the certificate of incorporation of the corporation was filed a certificate of dissolution, and the corporation shall thereupon stand dissolved.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 59 - Public Athletic Boards.
Section 11-59-1 - Definitions.
Section 11-59-2 - Legislative Intent; Construction of Chapter Generally.
Section 11-59-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-59-6 - Certificate of Incorporation - Amendment.
Section 11-59-7 - Board of Directors.
Section 11-59-8 - Powers of Corporations Generally.
Section 11-59-10 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.
Section 11-59-12 - Conveyances of Properties to Corporations by Municipalities.
Section 11-59-13 - Powers of Corporations as to Conveyances, etc., of Title to Facilities.
Section 11-59-16 - Exemption From Taxation of Corporations, Facilities, Bonds, Etc.