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Code · Massachusetts · Part I — ADMINISTRATION OF THE GOVERNMENT · Title II — PROCEEDINGS IN CRIMINAL CASES · Chapter 15C

Section 27: Rights and properties of Authority upon dissolution, liquidation or other termination

78 words·~1 min read·/ma/part-i/title-ii/chapter-15c/27

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Section 27. Upon dissolution, liquidation or other termination of the Authority, all rights and properties of the Authority shall pass to and be vested in the commonwealth, subject to the rights of lienholders and other creditors. In addition, any net earnings of the Authority, beyond that necessary for retirement of any indebtedness or to implement the public purpose or purposes or program of the commonwealth, shall not inure to the benefit of any person other than the commonwealth.
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