The governing body of the municipality shall have the authority to terminate the existence of the authority at any time. In the event of such termination, all property and assets of the authority shall automatically become the property of the municipality and the municipality shall succeed to all rights, obligations and liabilities of the authority.
N.C. Gen. Stat. § 160A-585
Termination
Known as the North Carolina Public Transportation Authorities Act
The act spans §§ 160–160 (14 sections).
1977, c. 465; 1979, 2nd Sess., c. 1247, s. 45.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.