§ 14-1-107. DISSOLUTION OF INSOLVENT OR DISCONTINUED VOLUNTEER FIRE COMPANIES.

(a)

Application. This section applies to an incorporated volunteer fire company or volunteer firemen's association whose principal office is in the county and which has received contributions in money or equipment from the county.

(b)

County may apply to court for a receiver or dissolution. If an incorporated volunteer fire company or volunteer firemen's association becomes insolvent or discontinues the activities for which it was incorporated and organized, the county may apply to the Circuit Court for the county for:

(1)

The appointment of a receiver of the estate and assets of the company or association; and

(2)

The dissolution of the company or association.

(c)

Responsibility of the receiver. The receiver appointed by the court shall:

(1)

Administer the estate and assets under the direction of the court; and

(2)

After payment to its creditors of the full amount of their claims, turn over the balance of the estate and assets, if any, to the county, to be used for the county's corporate purposes.

(1988 Code, § 16-4) (Bill No. 26-00, § 2, 7-1-2004)