Sec. 10a-211. (Formerly Sec. 10-368). Termination of corporation.
Sec. 10a-211. (Formerly Sec. 10-368). Termination of corporation. The corporation and its corporate existence shall continue until terminated by law upon a finding
that there no longer exists any need for such a corporation; provided no such law shall
take effect as long as the corporation shall have bonds, notes or other obligations outstanding. For the purpose of this section, any appropriation or advance made to the
corporation by the state, which has not been repaid, shall not be deemed to be an outstanding obligation of the corporation. Upon the dissolution of the corporation or the cessation
of its activities, all the assets, property and moneys of such corporation shall be paid
over, upon dissolution, to the respective undergraduate scholarship funds of higher educational institutions located in Connecticut, gifts to which are deductible or exempt
from income, estate and succession taxation as more specifically described in Sections
170(c)(2), 501(c)(3) and 2055(a)(2) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time
amended, and section 12-347, in such proportions as a majority of the board shall in its
absolute discretion determine.
(February, 1965, P.A. 491, S. 11; P.A. 89-211, S. 18; P.A. 05-184, S. 8; P.A. 06-196, S. 82.)
History: Sec. 10-368 transferred to Sec. 10a-211 in 1983 pursuant to reorganization of higher education system; P.A.
89-211 clarified reference to the Internal Revenue Code of 1986; P.A. 05-211 added references to bonds and to assets and
eliminated provision requiring that upon dissolution all assets, property and moneys shall be vested in the General Fund,
effective July 1, 2005; P.A. 06-196 made technical changes, effective June 7, 2006.