§ 42-99-15 - Dissolution.
SECTION 42-99-15
§ 42-99-15 Dissolution. – (a) Whenever the board of commissioners of the corporation shall by resolutiondetermine that the purposes for which the corporation was formed have beensubstantially fulfilled and all bonds issued prior to this time by thecorporation have been fully paid or adequate provision has been made for theirpayment, the board of commissioners shall file a written statement in theoffice of the secretary of state for their payment, which statement shall setforth:
(1) That the board of commissioners of the corporation has,prior to this time, adopted a resolution to dissolve the corporation and thatthe resolution received the vote of the majority of the commissioners in office;
(2) That all debts, obligations, and liabilities of thecorporation have been paid and discharged or that adequate provision has beenmade for their payment;
(3) That there are no suits pending against the corporationin any court, or that adequate provision has been made for the satisfaction ofany judgment, order, or decree which may be entered against it in any pendingsuit.
(b) Upon the filing of a written statement as required inthis section, the existence of the corporation shall cease and title to allfunds and properties owned by the corporation at that time of dissolution shallvest in and become the property of the state. Any filing required to be madewith the secretary of state pursuant to this section may be made without thepayment of a filing fee.