A. Upon the affirmative order of the board of county commissioners to organize the district, the corporation shall be deemed dissolved. The board of directors of the corporation shall file notice of such dissolution with the Secretary of State.

B. All debts, liabilities and obligations of the corporation shall be paid and discharged or transferred pursuant to subsection E of this section.

C. Upon filing with the Secretary of State of notice of dissolution, the corporation shall cease to carry on its business except insofar as may be necessary for the winding up thereof.

D. Upon receipt of notice of dissolution and compliance with the provisions of this section, the Secretary of State shall issue a certificate of dissolution for the corporation.

E. 1. Except as otherwise provided by subsection B of this section, any employee benefits, assets, easements, and titles to any real property or personal property held by the corporation shall be construed to be the benefits, assets, easements, property and obligation of the district.

2. A single notice of the transfer shall be filed for such assets, easements or titles of record with the Secretary of State and in the office of the county clerk where such records are located.

3. Unless otherwise discharged by law, all legal proceedings instituted by or against the corporation prior to the organization of a district pursuant to the provisions of this act shall upon petition be renewed and continued by or against the district by an order of the court constituting the name of such district.

Added by Laws 1989, c. 103, § 4, emerg. eff. April 25, 1989. Renumbered from Title 18, § 863.4 by Laws 1989, c. 369, § 153, operative July 1, 1989.