Code of Alabama - Title 16: Education - Section 16-44A-17 - Distribution of residual assets in the event of dissolution of compact

Section 16-44A-17 - Distribution of residual assets in the event of dissolution of compact.

In the event of dissolution of the compact, which may be accomplished only by legislative act, the residual assets shall be turned over to another public corporation or organization which is exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code.

(Acts 1994, No. 94-482, p. 799, §17.)

Last modified: May 3, 2021