Section 23-1-155 – Powers.
Section 23-1-155 Powers. The corporation shall have all of the following powers: (1) To have perpetual succession by its corporate name unless sooner dissolved pursuant to Section 23-1-160. (2) To maintain actions and have actions maintained against it and to prosecute and defend in any court having jurisdiction of the subject matter and of the […]
Section 23-1-156 – Contracts; Conveyance of Property to State.
Section 23-1-156 Contracts; conveyance of property to state. All contracts of the corporation for the construction, reconstruction and relocation of public roads, bridges and approaches thereto, tunnels, other public roadway improvements, and work incidental or related thereto and the acquisition of property necessary therefor, shall be in writing, shall be subject to the rules and […]
Section 23-1-157 – Bonds – Generally.
Section 23-1-157 Bonds – Generally. (a) The bonds of the corporation shall be signed by its president or vice president and attested by its secretary; provided, that a facsimile of the signature of the officers may be imprinted or otherwise reproduced on any such bonds in lieu of his or her signing the same. The […]
Section 23-1-158 – Bonds – Disposition of Proceeds.
Section 23-1-158 Bonds – Disposition of proceeds. (a) The proceeds of all bonds, other than refunding bonds, issued by the corporation, remaining after paying the expenses of their issuance, shall be turned in to the Treasury or shall be deposited into such account or accounts as specified in the resolution of the board of directors […]
Section 23-1-159 – Bonds – Payments by State Treasurer.
Section 23-1-159 Bonds – Payments by State Treasurer. Out of the revenues appropriated and pledged for such purpose, the State Treasurer is authorized and directed to pay the principal of and interest on the bonds issued by the corporation under the provisions of this article, as such principal and interest shall respectively mature, and he […]
Section 23-1-160 – Dissolution.
Section 23-1-160 Dissolution. At any time when no securities of any kind of the corporation, whether issued under this article or under authorization contained in any other statutes, are outstanding, the corporation may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of […]
Section 23-1-150 – Purpose and Construction of Article.
Section 23-1-150 Purpose and construction of article. It is the intention of the Legislature by the passage of this article to authorize the incorporation of the Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer and the Executive Secretary to the Governor of Alabama for the purpose of constructing public roads […]
Section 23-1-151 – Incorporation – Authorization.
Section 23-1-151 Incorporation – Authorization. The Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer and the Executive Secretary to the Governor may become a corporation, with the powers and authorities provided in this article, by proceeding according to the provisions of this article. (Acts 1955, 1st Ex. Sess., No. 43, […]
Section 23-1-152 – Incorporation – Application.
Section 23-1-152 Incorporation – Application. To become a corporation, the Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer and the Executive Secretary to the Governor shall present to the Secretary of State of Alabama an application signed by them which will set forth: (1) The name, official designation and official […]
Section 23-1-153 – Incorporation – Certificate.
Section 23-1-153 Incorporation – Certificate. When the application has been made, filed and recorded as provided in Section 23-1-152, the applicants shall constitute a corporation under the name proposed in the application and the Secretary of State shall make and issue to the applicants a certificate of incorporation, pursuant to this article, under the Great […]