An authority or the city may apply, to the superior court in any county in which the city or any part of it is located, for an order dissolving the authority. The court shall hold a hearing in open court after giving notice of hearing as the court may require. Upon a showing to the satisfaction of the court that provision has been made for the payment or satisfaction of all of the outstanding obligations of the authority and for the necessary expenses for its liquidation, the court may order that the authority be dissolved. Upon dissolution the property of the authority becomes the property of the city.
History of Section.
P.L. 1935, ch. 2255, § 27; G.L. 1938, ch. 344, § 27; G.L. 1956, § 45-25-32.