The corporation shall have perpetual succession. Such succession shall continue until the existence of the corporation is terminated by law, provided no such termination shall affect any outstanding contractual obligation of the corporation and the state shall succeed to the obligations of the corporation under any such contract. Upon termination of the corporation, its rights and properties shall pass to and be vested in the state.
Conn. Gen. Stat. § 12-803
Perpetual succession. Termination
Known as the Connecticut Lottery Corporation Act
The act spans §§ 12–12 (34 sections).
(P.A. 96-212, S. 4, 32.) History: P.A. 96-212 effective July 1, 1996.
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.