# Tenn. Code Ann. § 7-53-103: Dissolution - Disposition of property

> Tennessee · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-103

## Section

- **Citation:** Tenn. Code Ann. § 7-53-103
- **Heading:** Dissolution - Disposition of property
- **Jurisdiction:** Tennessee
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** TN Code / Title 7 / Chapter 53 / Section 7-53-103

## Text

Whenever the board of directors of the corporation shall by resolution determine that there has been substantial compliance with the purposes for which the corporation was formed and all bonds issued and all obligations theretofore incurred by the corporation have been fully paid, the then members of the board of directors of the corporation shall then execute and file for record in the office of the secretary of state a certificate of dissolution reciting such facts and declaring the corporation to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the corporation. Upon the filing of such certificate of dissolution, the corporation shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality. Acts 1955, ch. 210, § 16; T.C.A., § 6-2815.
Whenever the board of directors of the corporation shall by resolution determine that there has been substantial compliance with the purposes for which the corporation was formed and all bonds issued and all obligations theretofore incurred by the corporation have been fully paid, the then members of the board of directors of the corporation shall then execute and file for record in the office of the secretary of state a certificate of dissolution reciting such facts and declaring the corporation to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the corporation. Upon the filing of such certificate of dissolution, the corporation shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality.
Acts 1955, ch. 210, § 16; T.C.A., § 6-2815.

## Nearby sections

- [Tenn. Code Ann. § 7-53-101 Chapter definitions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-101.md)
- [Tenn. Code Ann. § 7-53-102 Purposes of chapter - Construction](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-102.md)
- [Tenn. Code Ann. § 7-53-103 Dissolution - Disposition of property](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-103.md)
- [Tenn. Code Ann. § 7-53-104 Corporations acting jointly](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-104.md)
- [Tenn. Code Ann. § 7-53-105 Provisions cumulative](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-105.md)
- [Tenn. Code Ann. § 7-53-106 Powers supplementary - Provisions severable](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-106.md)
- [Tenn. Code Ann. § 7-53-201 Application for incorporation - Qualifications of applicants - Certificate](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-201.md)
- [Tenn. Code Ann. § 7-53-202 Requisites of certificate of incorporation - Acknowledgment](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-202.md)
- [Tenn. Code Ann. § 7-53-203 Approval of certificate by secretary of state - Recording](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-203.md)
- [Tenn. Code Ann. § 7-53-204 Amendment of certificate](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-204.md)
- [Tenn. Code Ann. § 7-53-301 Board of directors - Conflict of interest statements](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-301.md)
- [Tenn. Code Ann. § 7-53-302 Corporate powers - Meetings public](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-302.md)
- [Tenn. Code Ann. § 7-53-303 Issuance of bonds - Restrictions on payment - Delivery - Additional issues - Redemption](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-303.md)
- [Tenn. Code Ann. § 7-53-304 Security for payment of bonds - Default - Bondholders' remedies - Maintenance of aggregate listing of debt](https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-304.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T7_C53_S7-53-103. Check the current official text before relying on it. Not legal advice.