(a) Any five (5) qualified voters of a municipal corporation that has failed to exercise municipal powers as described in § 6-52-302 may petition the chancery court or court of record with equity jurisdiction in the county in which the municipal corporation is located to declare the charter of the municipal corporation forfeited.
(b) A hearing shall be held not more than sixty (60) days after the filing of the petition to determine whether the municipal corporation meets all the conditions set forth in § 6-52-302. If the court determines that such conditions are met, then it shall issue a decree declaring the charter of the municipal corporation forfeited.
(c) Such decree shall be transmitted by certified mail by the clerk of the court to the secretary of state who shall attach the decree to the charter of the municipal corporation and note its dissolution on all records relating to the municipal corporation. Failure of the secretary of state to make such notations shall have no effect on the forfeiture.
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