At any time when no bonds of the corporation are outstanding the corporation 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 corporation 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 corporation 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 corporation is dissolved, and shall record the said certificate with the application for dissolution.
Structure Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Chapter 6 - Industrial Access Roads and Bridges.
Section 23-6-3 - Authority to Incorporate.
Section 23-6-4 - Proceeding to Incorporate.
Section 23-6-7 - Corporate Powers.
Section 23-6-8 - Bonds of Corporation; Annual Appropriation From State Public Road and Bridge Fund.
Section 23-6-8.1 - Annual Appropriation From Public Road and Bridge Fund.
Section 23-6-10 - Revenues of Corporation.