(a) There is hereby authorized, created and established, a public corporation of the state having a legal existence distinct from the state and not constituting a department of state government, to be known as the tobacco settlement financing corporation, with such powers as are set forth in this chapter.
(b) It is the intent of the general assembly by the passage of this chapter to vest in the corporation all powers, authority, rights, privileges, and titles which may be necessary to enable it to accomplish the purposes set forth in this chapter. This chapter and the powers granted hereby shall be liberally construed in conformity with these purposes.
(c) The corporation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business whatsoever in furtherance of its purposes; provided, that no termination shall take effect prior to the date which is one year and one day after the date on which the corporation no longer has any bonds outstanding. Upon termination of the existence of the corporation, all its rights and properties shall pass to and best vested in the state. At no other time shall the assets or other property of the corporation inure to the benefit of any other person.
History of Section.
P.L. 2002, ch. 65, art. 8, § 1.