Upon the termination of a declaration, or at such other time as required by law, the board of directors shall take those steps necessary for the immediate dissolution and liquidation of the association and any remaining assets.
Ala. Code § 35-20-14
Dissolution and Liquidation of Assets Upon Termination of Declaration.
Known as the Alabama Homeowners’ Association Act
The act spans §§ 35–35 (14 sections).
(Act 2015-292, §15.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.