At any time when an authority has no bonds or other obligations outstanding, its board of directors may by the unanimous vote of all directors present adopt a resolution 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 shall own any property at the time of its dissolution, the title of all its properties shall thereupon pass to the state.
Structure Code of Alabama
Chapter 1A - Alabama Housing Finance Authority.
Article 1 - Housing Finance Authority.
Section 24-1A-1 - Legislative Findings and Declaration of Purpose of Article.
Section 24-1A-2 - Definitions.
Section 24-1A-3 - Incorporation of Authority Authorized; Application; Filing; Fees.
Section 24-1A-5 - Powers of Authority.
Section 24-1A-8 - Refunding Bonds.
Section 24-1A-11 - Applicability of Certain Provisions of Uniform Commercial Code.
Section 24-1A-12 - Exemption From Taxation.
Section 24-1A-13 - Liability of State.
Section 24-1A-14 - Exemption From Usury and Interest Laws.
Section 24-1A-16 - Earnings of Authority; Nonprofit; Excess Paid to State.
Section 24-1A-17 - Dissolution of Authority; Vesting Title to Property in State.
Section 24-1A-18 - Utilization of Services Provided by Department of Finance.
Section 24-1A-19 - Conflict of Interest; Rules Governing.