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Code · North Carolina · Chapter 160A — Cities and Towns

§ 160A-645. Termination.

70 words·~1 min read·/nc/chapter-160a/160a-645

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§ 160A-645. Termination.
The Board of Trustees may terminate the existence of the Authority at any time when it has no outstanding indebtedness. In the event of such termination, all property and assets of the Authority not otherwise encumbered shall automatically become the property of the State of North Carolina, and the State of North Carolina shall succeed to all rights, obligations, and liabilities of the Authority. (1997-393, s. 1.)
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