Upon termination or dissolution of the authority, all assets, rights, and properties of the authority under the authority of this subpart shall pass to and be vested in the state to be used for educational purposes, subject to the rights of lienholders and other creditors under this subpart; provided, however, that no such termination or dissolution shall take effect so long as the authority shall have bonds or notes outstanding, unless adequate provision has been made for the payment thereof.
History. Code 1933, § 32-3744, enacted by Ga. L. 1980, p. 835, § 3.
Structure Georgia Code
Chapter 3 - Postsecondary Education
Article 7 - Scholarships, Loans, and Grants
Part 3 - Georgia Student Finance Authority
Subpart 2 - Educational Loans Financed by Revenue Bonds
§ 20-3-340. Legislative Findings; Purpose of Subpart
§ 20-3-342. Educational Loan Program Activities Authorized; Powers and Duties of Authority
§ 20-3-345. Trust Agreements Authorized; Provisions of Trust Agreements and Bond Resolutions
§ 20-3-346. Lien of Pledge of Revenues or Assets of Authority
§ 20-3-347. Moneys Received by Authority Deemed Trust Funds; Investment
§ 20-3-348. Rights of Holders of Obligations of Authority
§ 20-3-349. Obligations of Authority Are Negotiable Instruments
§ 20-3-350. Obligations of Authority Are Legal Investments and Deposits
§ 20-3-351. Issuance of Refunding Obligations by Authority
§ 20-3-352. Reserve or Replacement Funds of Authority
§ 20-3-353. Exemption of Directors and Officers of Authority From Personal Liability
§ 20-3-354. Payment of Expenses From Appropriations and Income
§ 20-3-355. Tax Exemptions of Authority and Its Bonds and Notes; Exceptions
§ 20-3-356. Interests of Bondholders Protected
§ 20-3-357. Termination or Dissolution of Authority
§ 20-3-358. SubPart And Part Deemed Supplemental to Other Laws