The governing body of the municipality 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 municipality and the municipality shall succeed to all rights, obligations and liabilities of the authority. (1977, c. 465; 1979, 2nd Sess., c. 1247, s. 45.)

Terms Used In North Carolina General Statutes 160A-585

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means a body corporate and politic organized in accordance with the provisions of this Article for the purposes, with the powers and subject to the restrictions hereinafter set forth. See North Carolina General Statutes 160A-576
  • Governing body: means the board, commission, council or other body, by whatever name it may be known, in which the general legislative powers of the municipality are vested. See North Carolina General Statutes 160A-576
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Municipality: means any county, city, or town of this State, and any other political subdivision, public corporation, authority, or district in this State, which is or may be authorized by law to acquire, establish, construct, enlarge, improve, maintain, own, and operate public transportation systems. See North Carolina General Statutes 160A-576
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
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