§ 42-116-25 - Duration of corporation – Termination.
SECTION 42-116-25
§ 42-116-25 Duration of corporation –Termination. – The corporation and its corporate existence shall continue until it isdissolved in accordance with procedures contained in §§ 7-6-50 –7-6-55 after its board of directors has determined that the purposes for whichit has been created have been substantially fulfilled; provided, however, thatno dissolution shall take effect so long as the corporation has bondsoutstanding unless adequate provision has been made for the payment orsatisfaction of their payment or unless there is a consent to a dissolution byan authorized action of the holders of these bonds or their trustee or otherauthorized representative. Notwithstanding any provisions to the contrary in§§ 7-6-50 – 7-6-55, upon termination of the corporation, titleto all funds and other properties owned by it which remain after provision forthe payment or satisfaction of all bonds, certificates of indebtedness,promissory notes, and other obligations of the corporation shall be transferredto and shall vest in the sinking fund as provided in chapter 8 of title 35. Netproceeds, after expenses, arising from any assets and legal settlements thathave reverted to the sinking fund shall be deposited into the sinking fund asprovided in chapter 8 of title 35.