Section 420.514, Florida Statutes 2009
420.514 Corporate existence.--The corporation and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the corporation shall have bonds outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the corporation, all its rights and properties in excess of its obligations shall pass to and be vested in the state.
History.--s. 1, ch. 80-161; s. 24, ch. 97-167.