North Carolina General Statutes § 160A-615 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. (1989, c. 740, s. 1.)

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Last modified: March 23, 2014