Alabama Code 41-10-809. Dissolution
Terms Used In Alabama Code 41-10-809
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Ex officio: Literally, by virtue of one's office.
- property: includes both real and personal property. See Alabama Code 1-1-1
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
At any time, the board, by three-quarters vote, may dissolve the corporation by having three-quarters of its directors file with the Secretary of State an application for dissolution, which shall be sworn to by each signatory thereto by an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the corporation shall cease to exist. The Secretary of State shall file and record the application for dissolution, and shall make and issue, under the Great Seal of the State, a certificate that the corporation is dissolved, and shall record the certificate with the application for dissolution. Title to all property held in the name of the corporation shall be vested in the state upon dissolution of the corporation, and the ex officio directors, by written consent, shall direct how to dispose of the fund.