(a) At any time when an authority does not have any indebtedness or other contractual or legal obligations outstanding, an authority may be dissolved by filing articles of dissolution with the Secretary of State, but only with the approval of both the board of the authority and the sponsoring university in the manner provided in this section.

(b) In order to dissolve an authority, the following steps shall be completed:

(1) The board shall first adopt a resolution proposing dissolution of the authority.

(2) After the adoption by the board of a resolution approving articles of dissolution, the authority shall file with the sponsoring university a written request to the sponsoring university for adoption of a resolution approving dissolution of the authority.

(3) As promptly as may be practicable after the receipt of the application from the authority, the sponsoring university shall review the application, and its governing body shall adopt a resolution either approving or denying dissolution of the authority.

(c) Within 30 days following the approval of dissolution of an authority by the sponsoring university, the president or vice president of the authority shall sign and file for record in the office of Secretary of State the original articles of dissolution and a certified copy of each resolution approving the articles of dissolution.

(d) Upon the filing for record of the articles of dissolution and the documents required by subsection (c), the articles of dissolution shall become effective. The Secretary of State shall thereupon record the articles of dissolution in an appropriate book in his or her office.

(e) A sponsoring university may not dissolve an authority without the consent of the board.

(f) Upon dissolution of the authority, title to all assets of the authority shall vest in the sponsoring university