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This entry was published on 2014-09-22
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SECTION 1613
Dissolution of land bank
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 16
§ 1613. Dissolution of land bank.

A land bank may be dissolved as a charitable not-for-profit
corporation sixty calendar days after an affirmative resolution approved
by two-thirds of the membership of the board of directors. Sixty
calendar days advance written notice of consideration of a resolution of
dissolution shall be given to the foreclosing governmental unit or units
that created the land bank, shall be published in a local newspaper of
general circulation, and posted prominently and continuously on the
homepage of any website maintained by the land bank, and shall be sent
certified mail to the trustee of any outstanding bonds of the land bank.
Upon dissolution of the land bank all real property, personal property
and other assets of the land bank shall become the assets of the
foreclosing governmental unit or units that created the land bank. In
the event that two or more foreclosing governmental units create a land
bank in accordance with section sixteen hundred three of this article,
the withdrawal of one or more foreclosing governmental units shall not
result in the dissolution of the land bank unless the intergovernmental
agreement so provides, and there is no foreclosing governmental unit
that desires to continue the existence of the land bank.