At any time when no bonds of an authority are outstanding, such authority may be dissolved upon the filing, with the judge of probate of the county in which is filed the certificate of incorporation, of an application for dissolution, which shall be subscribed by each director and sworn to by each director before an officer authorized to take acknowledgments to deeds. Upon the filing of such application for dissolution, the authority shall cease to exist. Said probate judge shall receive and record the application for dissolution in an appropriate book of record in his office. Upon dissolution, all rights, title and interests of the authority in property shall be vested in the authorizing subdivisions pursuant to the provisions of the certificate of incorporation, or, in the absence of such provisions, shall be vested in the authorizing subdivisions in the same proportion as their contributions to the authority over the life thereof.
Structure Code of Alabama
Title 37 - Public Utilities and Public Transportation.
Chapter 13 - Incorporation of Railroad Authorities as Public Corporations.
Section 37-13-1 - Definitions.
Section 37-13-2 - Authority and Procedure to Incorporate.
Section 37-13-3 - Certificate of Incorporation - Contents.
Section 37-13-4 - Certificate of Incorporation - Execution and Recordation.
Section 37-13-5 - Board of Directors of Authority.
Section 37-13-6 - Officers of Authority.
Section 37-13-7 - Powers of Authority Generally.
Section 37-13-8 - Acceptance, etc., of Federal and State Aid Authorized.
Section 37-13-9 - Cooperation of Cities, Counties, Etc.
Section 37-13-10 - Suits Against Manager or Director of Authority.
Section 37-13-11 - Bonds of Authority - Generally.
Section 37-13-12 - Bonds of Authority - Execution.
Section 37-13-13 - Bonds of Authority - Security.
Section 37-13-14 - Bonds of Authority - Disposition of Proceeds From Sale of Bonds.
Section 37-13-15 - Bonds of Authority - Refunding Bonds.
Section 37-13-16 - Bonds of Authority - Exemption From Taxation.
Section 37-13-17 - Investment of County and Municipal Funds in Bonds of Authority.
Section 37-13-18 - Eligibility of Bonds as Investments for Trust Funds.