6-21-22. Corporate existence.
77 words·~1 min read·
/nm/chapter-6-public-finances/article-21-finance-authority/6-21-22·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The authority and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the authority has bonds or other obligations outstanding, unless adequate provision has been made for the payment of such obligations. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state.
History: Laws 1992, ch. 61, § 22.