Upon dissolution of the corporation, title to all property owned by the corporation shall vest in the successor corporation created by the legislature, if any, if such successor corporation qualifies under Section 103 of the Federal Internal Revenue Code of 1954, as amended, to issue obligations the interest on which is exempt from Federal Income Taxation. If no such successor corporation is so created, title to such property shall vest in the state of Louisiana.
La. R.S. 39:1795
Dissolution of corporation; title to property to vest in successor
Acts 1985, No. 893, §1, eff
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.