At any time when any corporation has no bonds or other obligations outstanding and when there shall be no other obligations assumed by such corporation that are then outstanding, the board of such corporation 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 was filed, the corporation shall thereupon stand dissolved and, in the event it owned any assets or property at the time of its dissolution, the title to all such assets or property shall thereupon vest in the determining subdivision.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 97 - Construction and Improvement of Utility Services Facilities.
Section 11-97-1 - Legislative Declarations and Findings.
Section 11-97-2 - Definitions.
Section 11-97-5 - Amendments to Certificate of Incorporation.
Section 11-97-7 - Officers of Corporation.
Section 11-97-8 - Powers of Corporation; Location of Facilities of Corporation.
Section 11-97-9 - Bonds of Corporation Generally.
Section 11-97-10 - Security for Payment of Bonds; Contracts and Agreements to Secure.
Section 11-97-11 - Proceeds From Sale of Bonds.
Section 11-97-12 - Refunding Bonds.
Section 11-97-14 - Power of Eminent Domain.
Section 11-97-15 - Contacts; Cooperation; Aid and Agreements From Other Bodies.
Section 11-97-18 - Exemption From Taxation.
Section 11-97-19 - Exemption From Usury and Interest Laws.
Section 11-97-20 - Exemption From Competitive Bid Laws.
Section 11-97-21 - Disposition of Net Earnings of Corporation.
Section 11-97-22 - Bonds of Corporation as Legal Investments.
Section 11-97-23 - Dissolution of Corporation; Vesting of Title to Corporation's Property in Determining Subdivision.
Section 11-97-24 - Incorporation of Another Corporation by Same Determining Subdivision.
Section 11-97-25 - Notice of Bond Resolution; Contest to Validity of Bonds, Etc.