2006 Alabama Code - Section 41-10-32 — Dissolution of authority; title to property of authority to vest in state upon dissolution of authority.
At any time when no bonds of the authority are outstanding, 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 members of the authority and sworn to by each such member before an officer authorized to take acknowledgments to deeds. Upon the filing of such 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 office and shall make and issue, under the Great Seal of the State, a certificate that the authority is dissolved and shall record such 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.
(Acts 1965, No. 662, p. 1187, §13.)
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