(a)

(1) When the circuit court of the Sixth Judicial District issues an order revoking the charter of a municipal corporation under § 14-62-102, the order is effective upon the qualification and appointment of the receiver.

(2) Once an order becomes effective under subdivision (a)(1) of this section:

(A) The charter of the municipal corporation is surrendered and repealed;

(B) The population and territory governed under the charter are returned back to the county in which the municipal corporation is located, subject to the authority of the receiver appointed under § 14-62-104 and to the interests of creditors;

(C) The offices held under the charter are abolished;

(D) The power of taxation vested in or exercised by the municipal corporation is withdrawn, unless otherwise specified under this chapter;

(E)

(i) Title to all property, whether real, personal, mixed, tangible, or intangible, of the municipal corporation is transferred to the receiver appointed under § 14-62-104, unless otherwise specified under this chapter.

(ii)

(a) The receiver shall take immediate possession of and control over the property.

(b) The receiver shall execute any necessary documentation transferring his or her interest in the property to the county if the property is no longer needed for the purposes under this chapter;

(F) All ordinances, regulations, codes, or other laws promulgated by the municipal corporation and its agencies are repealed and are void; and

(G) All licenses, permits, and similar documents issued by the municipal corporation are void.

(b) Until a final order of dissolution is entered under § 14-62-114, the receiver appointed under § 14-62-104 shall continue to collect the share of:

(1) General revenue turnback funds, as defined in the Revenue Stabilization Law, § 19-5-101 et seq., that the municipal corporation is entitled to under § 27-70-207;

(2) County and state taxes that were being paid to the municipal corporation; and

(3) Any other funds, revenues, or fees as otherwise provided under this chapter.