North Carolina General Statutes 160A-564. Termination of authority
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Terms Used In North Carolina General Statutes 160A-564
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Council: means the governing board of a city. See North Carolina General Statutes 160A-1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
The city council shall have the authority to terminate the existence of the authority at any time. In the event of such termination, all property and assets of the authority shall automatically become the property of the city and the city shall succeed to all rights, obligations and liabilities of the authority. (1951, c. 779, s. 20; 1979, 2nd Sess., c. 1247, ss. 43, 44.)