Title 53A Chapter 20b Section 106

State System of Public Education
Charter School Financing
Section 106
State to succeed to property of authority when encumbrances paid or authority dissolved.

            

53A-20b-106.   State to succeed to property of authority when encumbrances paid or authority dissolved.

            (1) If the authority is dissolved at any time, for any reason, all funds, property, rights, and interests of the authority, following the satisfaction of the authority's obligations, shall immediately vest in and become the property of the state, which shall succeed to all rights of the authority subject to any encumbrances which may then exist on any particular properties.

            (2) None of the net earnings of the authority shall inure to the benefit of any private person.


Enacted by Chapter 167, 2007 General Session