At any time when no authority obligations are outstanding and the authority has no outstanding obligation with respect to payment of training facility management fees, 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 directors of the authority and sworn to by each director before an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the authority shall cease to exist. The Secretary of State shall file and record the application for dissolution in an appropriate book of record in his or her office, and shall make and issue, under the Great Seal of the State, a certificate that the authority is dissolved, and shall record the certificate with the application for dissolution. Title to all property held in the name of the authority shall be vested in the state upon dissolution of the authority.
Structure Code of Alabama
Article 16 - Alabama Incentives Financing Authority.
Division 1 - General Provisions.
Section 41-10-540 - Legislative Findings; Construction.
Section 41-10-541 - Definitions.
Section 41-10-542 - Incorporation of Authority.
Section 41-10-543 - Application for Incorporation.
Section 41-10-544 - Certificate of Incorporation.
Section 41-10-545 - Members; Officers; Quorum; Vacancies; Salaries; Record of Proceedings.
Section 41-10-546 - Powers of Authority.
Section 41-10-547 - Bonds of the Authority.
Section 41-10-548 - Use of Proceeds From Bonds.
Section 41-10-549 - Payment or Reimbursement of Training Facility Management Fees.
Section 41-10-550 - Appropriation and Pledge of Funds for Authority Obligations.
Section 41-10-553 - Exemption From Taxes, Fees, Etc.
Section 41-10-554 - No Notice, Approval, Public Hearing, etc., Required for Issuance of Obligations.