At any time when a corporation has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the corporation shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the judge of probate with which the corporation's certificate of incorporation is filed, the corporation shall thereupon stand dissolved and in the event it owned any property at the time of its dissolution, the title to all its properties shall thereupon pass to the authorizing subdivisions as tenants in common.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 95 - Public Hospitals.
Section 11-95-1 - Legislative Intent; Liberal Construction of Chapter.
Section 11-95-2 - Definitions.
Section 11-95-5 - Certificate of Incorporation - Amendment Procedure.
Section 11-95-7 - Powers of Corporation.
Section 11-95-9 - Bonds of Corporation - Proceeds From Sale.
Section 11-95-10 - Refunding Bonds.
Section 11-95-11 - Exemption From Taxation and Fees.
Section 11-95-12 - Liability of Authorizing Subdivisions.
Section 11-95-13 - Exemption From Usury and Interest Laws.
Section 11-95-14 - Power of Eminent Domain.
Section 11-95-15 - Applicability of Division 2 of Article 4 of Chapter 21 of Title 22.
Section 11-95-16 - Applicability of Section 11-93-2.
Section 11-95-17 - Transfer of Funds, Assets, Etc. to Corporation.
Section 11-95-18 - Earnings of Corporation.
Section 11-95-19 - Dissolution of Corporation; Passage of Title to Property of Corporation.