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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1724.07 | Application of remaining assets after dissolution or liquidation.

Ohio Revised Code
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Title 17 Corporations-Partnerships
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Chapter 1724 Community Improvement Corporations
 
You are viewing a past version of this section that is no longer in effect View Current Version
Effective:
April 7, 2009
Legislation:
Senate Bill 353 - 127th General Assembly
PDF:
Download Authenticated PDF
 

In the event of any voluntary or involuntary dissolution, liquidation, or failure to reinstate the articles after cancellation of the community improvement corporation, any remaining assets shall be applied as follows:

(A) In the case of an economic development corporation, to such civic projects or public charitable purposes in the community or area as may be determined by the directors with the approval of the court of common pleas of the county wherein the corporation has its principal place of business;

(B) In the case of a county land reutilization corporation, as determined by the board of county commissioners with the written approval of the county treasurer. Pending the determination, the remaining assets shall be transferred to the general fund of the county to be held and accounted for in a separate account until applied as determined by the board.

Available Versions of this Section