(a) Whenever the board of directors of the corporation shall by resolution determine that the purposes for which the corporation was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the corporation have been fully paid, the then members of the board of directors of the corporation shall thereupon execute and file for record in the office of the Judge of Probate of Mobile County a certificate of dissolution reciting such facts and declaring the corporation to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the corporation.
(b) Upon the filing of such certificate of dissolution, the corporation shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall be disposed of or distributed in accordance with the articles of incorporation.
Structure Code of Alabama
Article 9 - Economic and Industrial Development and Tourism.
Section 45-49-90 - Definitions.
Section 45-49-90.01 - Purpose; Liberal Construction.
Section 45-49-90.02 - Authority to Incorporate; Participation of Municipality.
Section 45-49-90.03 - Certificate of Incorporation - Requirements.
Section 45-49-90.04 - Certificate of Incorporation - Filing, Approval, and Recording.
Section 45-49-90.05 - Certificate of Incorporation Amendments.
Section 45-49-90.06 - Board of Directors.
Section 45-49-90.07 - Powers of Corporation; Location of Industrial Park.
Section 45-49-90.08 - Bonds of the Corporation.
Section 45-49-90.09 - Notice of Bond Resolution.
Section 45-49-90.10 - Liability of County or Municipalities.
Section 45-49-90.11 - Earnings of the Corporation.
Section 45-49-90.12 - Dissolution of Corporation.
Section 45-49-90.13 - Recording of Instruments.
Section 45-49-90.14 - Exemption From Taxation.