Whenever the board of directors of the corporation shall by resolution determine that the purposes for which the corporation was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the corporation have been fully paid, 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 corporation is organized a certificate of dissolution reciting such facts and declaring the corporation to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the corporation.
Upon the filing of such certificate of dissolution, the corporation shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 60 - Public Park and Recreation Boards.
Section 11-60-1 - Definitions.
Section 11-60-2 - Legislative Intent; Construction of Chapter Generally.
Section 11-60-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-60-6 - Certificate of Incorporation - Amendment.
Section 11-60-7 - Board of Directors.
Section 11-60-8 - Powers of Corporations Generally; Location of Projects of Corporations.
Section 11-60-11 - Bonds - Security for Payment of Principal or Interest; Remedies Upon Default.
Section 11-60-14 - Disposition of Net Earnings of Corporations.
Section 11-60-17 - Exemptions of Corporations - Taxation.
Section 11-60-18 - Exemptions of Corporations - Usury and Interest Laws.
Section 11-60-19 - Exemptions of Corporations - Competitive Bid Laws.