At any time when no securities of any kind of the authority, whether issued under this article or under authorization contained in any other act, 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 which shall be sworn to by each such member before an officer authorized to take acknowledgments to deeds. Upon the filing of said application for dissolution, the authority shall cease and any property owned by it at the time of its dissolution shall pass to the State of Alabama. 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 the said certificate with the application for dissolution.
Structure Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Article 10 - Federal Aid Highway Finance Authority.
Section 23-1-300 - Purpose and Construction of Article.
Section 23-1-301 - Definitions.
Section 23-1-302 - Incorporation - Authorization.
Section 23-1-303 - Incorporation - Application.
Section 23-1-304 - Incorporation - Certificate.
Section 23-1-305 - Corporation - Generally.
Section 23-1-306 - Corporation - Powers.
Section 23-1-307 - Bonds and Notes - Authorization for Issuance.
Section 23-1-308 - Bonds and Notes - Form, Denominations, Terms, Redemption, Etc.
Section 23-1-309 - Bonds and Notes - Execution.
Section 23-1-310 - Bonds and Notes - Issuance and Sale Generally.
Section 23-1-313 - Bonds and Notes - Disposition of Proceeds From Sale.
Section 23-1-314 - Bonds and Notes - Payment Generally.
Section 23-1-315 - Investment of Funds; Pledge of Interest From Investments.