At any time, the board, by three-quarters vote, may dissolve the corporation by having three-quarters of its directors file with the Secretary of State an application for dissolution, which shall be sworn to by each signatory thereto by an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the corporation shall cease to exist. The Secretary of State shall file and record the application for dissolution, and shall make and issue, under the Great Seal of the State, a certificate that the corporation is dissolved, and shall record the certificate with the application for dissolution. Title to all property held in the name of the corporation shall be vested in the state upon dissolution of the corporation, and the ex officio directors, by written consent, shall direct how to dispose of the fund.
Structure Code of Alabama
Article 20 - Alabama Innovation Corporation
Section 41-10-800 - Legislative Findings.
Section 41-10-801 - Definitions.
Section 41-10-802 - Incorporation.
Section 41-10-803 - Board of Directors.
Section 41-10-804 - Powers of the Board.
Section 41-10-805 - Corporation Contracts.
Section 41-10-806 - Alabama Innovation Fund - Created.
Section 41-10-807 - Alabama Innovation Fund - Management.
Section 41-10-808 - Amendments.
Section 41-10-809 - Dissolution.