Section 11-406 - Disposition of assets on liquidation.
§ 11-406. Disposition of assets on liquidation.
On the liquidation, dissolution, or winding up of the Corporation, after payment of the obligations and liabilities of the Corporation, all of the assets of the Corporation shall be transferred to one or more corporations or associations that:
(1) have a character or purpose similar to the Corporation's;
(2) are selected by the Board; and
(3) qualify under § 501(c)(3) of the Internal Revenue Code.
[An. Code 1957, art. 10, § 45H(f); 2007, ch. 3, § 2.]