At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the authority and sworn to by each member before an officer authorized to take acknowledgments to deeds. Upon the filing of such application for dissolution, the authority shall cease to exist. The Secretary of State shall file and record the application for dissolution, in an appropriate book of record in his office, and shall make and issue, under the Great Seal of the State, a certificate that the authority is dissolved and shall record such certificate with the application for dissolution. Title to all property held in the name of the authority shall be vested in the state upon dissolution of the authority.
Structure Code of Alabama
Chapter 60 - Trade Schools and Junior Colleges.
Article 4 - Alabama Trade School and Junior College Authority Act.
Section 16-60-80 - Short Title.
Section 16-60-81 - Definitions.
Section 16-60-82 - Legislative Findings of Fact and Declaration of Intent.
Section 16-60-83 - Authorization to Form Public Corporation.
Section 16-60-84 - Manner of Incorporation.
Section 16-60-85 - Issuance of Certificate of Incorporation.
Section 16-60-86 - Members, Officers and Proceedings of Authority.
Section 16-60-87 - Powers of Authority.
Section 16-60-88 - Determining Location of Trade Schools and Junior Colleges; Site Must Be Donated.
Section 16-60-90 - Authorization to Issue Bonds.
Section 16-60-92 - Refunding Bonds.
Section 16-60-93 - Deposit of and Disbursements From Proceeds of Bonds.
Section 16-60-94 - Revenues of Authority.