Florida Statutes 946.505 – Reversion upon dissolution of corporation or termination of lease
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Florida Statutes 946.505
- 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.
- Corporation: means the private nonprofit corporation established pursuant to…. See Florida Statutes 946.503
- Correctional work program: means any program presently a part of the prison industries program operated by the department or any other correctional work program carried on at any state correctional facility presently or in the future, but the term does not include any program authorized by…. See Florida Statutes 946.503
- Department: means the Department of Corrections. See Florida Statutes 946.503
- Facilities: means the buildings and land used in the operation of an industry program on state property. See Florida Statutes 946.503
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(1) In the event the corporation is dissolved or its lease of any correctional work program expires or is otherwise terminated, all property relating to such correctional work program which ceases to function because of such termination or dissolution, including all buildings, land, furnishings, equipment, and other chattels originally leased from the department, as well as any subsequently constructed or otherwise acquired facilities in connection with its continued operation of that program, automatically reverts to full ownership by the department unless the corporation intends to utilize such property in another correctional work program. Such a reversionary ownership interest of the state in any and all such after-acquired facilities by the corporation is in furtherance of the goals established in s. 946.502(4), and such a present ownership interest by the state is a continuing and insurable state interest.
(2) Notwithstanding any provision of subsection (1), the ownership of any permanent enhancements made to facilities or work programs is vested in the department.