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Current as of January 01, 2020 | Updated by FindLaw Staff
Upon dissolution, liquidation, or other termination of the Authority:
(1) All rights and properties of the Authority shall pass to and be vested in the District, subject to the rights of lien holders and other creditors;
(2) Any net earnings of the Authority, beyond that necessary for retirement of any indebtedness or to implement a public purpose or program of the District authorized under this chapter, shall not inure to the benefit of any person other than the District;
(3) The expenditure of any net earnings shall be restricted to costs related to the direct delivery of health care to residents of the District.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-3171.15. Dissolution of the Authority. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-3171-15.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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