Upon dissolution of a special corporation, all assets of the corporation shall be vested in the district. The dissolution may occur by expiration of the corporate life of the special corporation by the terms of its certificate of incorporation, or by adoption of a resolution to dissolve by the board of directors of the special corporation, if it has no bonds outstanding.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 89 - Water, Sewer, Solid Waste Disposal and Fire Protection Districts.
Article 2 - Special Corporations.
Section 11-89-30 - Legislative Findings.
Section 11-89-31 - Definitions.
Section 11-89-32 - Procedure to Form Special Corporation.
Section 11-89-33 - Clarification of Powers.
Section 11-89-36 - Dissolution.