Section 57-10-41 - Dissolution and liquidation

In the event of dissolution and liquidation of the corporation, whether voluntary or involuntary or by reason of the repeal of this article and thereby terminating its corporate existence, any surplus assets of the corporation in excess of the corporation's outstanding liabilities shall be transferred to the State of Mississippi and shall automatically vest in said state, and the chairman and treasurer of the corporation shall execute and deliver such conveyances or documents as are necessary to show title in the state or to vest such assets in the state.Codes, 1942, § 8940-117; Laws, 1972, ch. 439, § 17, eff. 5/4/1972.