Alabama Code (Last Updated: November 28, 2014) |
Title16 EDUCATION. |
Chapter44A. ALABAMA COMPACT FOR LEADERSHIP AND CITIZENSHIP EDUCATION. |
Article1. General Provisions. |
§16-44A-17. Distribution of residual assets in the event of dissolution of compact.
Latest version.
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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.