Alabama Code 11-89-35. Duration
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Terms Used In Alabama Code 11-89-35
- 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.
- special corporation: shall mean any corporation organized pursuant to this article. See Alabama Code 11-89-31
No special corporation shall have a duration longer than the duration of the district which brought it into existence and authorized its incorporation. The special corporation shall stand dissolved when the district is dissolved pursuant to Chapter 89 of Title 11.