The corporation shall have perpetual succession and shall adopt, amend and repeal bylaws for the conduct of its affairs. 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 to assist any person and the state shall succeed to the obligations of the corporation under such contract. Upon termination of the corporation its rights and properties shall pass to and be vested in the state.
Conn. Gen. Stat. § 32-36
Perpetual succession. Termination
Known as the Innovation Capital Act
The act spans §§ 32–32 (74 sections).
(1972, P.A. 248, S. 5; P.A. 86-255, S. 2; P.A. 88-266, S. 15, 46.) History: P.A. 86-255 repealed provision requiring corporation to adopt, amend and repeal regulations; P.A. 88-…
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.