At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the judge of probate in the county in which is filed the certificate of incorporation of an application for dissolution, which shall be subscribed by each of the members of the authority and sworn to by each member 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, share and share alike.
Structure Code of Alabama
Chapter 3 - Airport Authorities.
Article 1 - General Provisions.
Section 4-3-2 - Procedure for Incorporation.
Section 4-3-3 - Contents of Certificate of Incorporation.
Section 4-3-4 - Execution and Recordation of Certificate of Incorporation.
Section 4-3-5 - Board of Directors of Authority.
Section 4-3-6 - Officers of Authority.
Section 4-3-7 - Immunity of Authority and Directors From Liability for Negligence.
Section 4-3-11 - Powers of Authority Generally.
Section 4-3-12 - Federal and State Aid.
Section 4-3-13 - Assistance and Cooperation by Counties, Municipalities, Etc.
Section 4-3-16 - Execution and Delivery of Bonds.
Section 4-3-17 - Security for Bonds.
Section 4-3-18 - Use of Proceeds From Sale of Bonds.
Section 4-3-19 - Refunding Bonds.
Section 4-3-20 - Investment of County, Municipal, etc., Funds in Bonds.
Section 4-3-22 - Procedure for Dissolution of Authority.
Section 4-3-23 - Certain Contracts or Legal Actions Validated.