At any time when the authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the Secretary of State, the authority 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 state.
Structure Code of Alabama
Chapter 3A - Alabama Agricultural Development Authority.
Article 1 - General Provisons.
Section 2-3A-1 - Declaration of Purpose and Legislative Findings.
Section 2-3A-3 - Incorporation of Authority; Procedure.
Section 2-3A-5 - Officers of the Authority.
Section 2-3A-6 - Legislative Oversight Committee; Members; Expenses.
Section 2-3A-7 - Powers of Authority; Open Meetings.
Section 2-3A-8 - Bonds of the Authority.
Section 2-3A-9 - Proceeds From Sale of Bonds.
Section 2-3A-10 - Refunding Bonds.
Section 2-3A-11 - Exemption From Taxation.
Section 2-3A-12 - Exemption From Usury and Interest Laws.
Section 2-3A-14 - Dissolution of Authority and Vesting of Title to Its Property.