The Corporation established pursuant to this article shall continue to exist until dissolved in accordance with the procedure prescribed by law. Dissolution proceedings may be initiated by a resolution adopted by the Board of Directors and approved by the Common Council of the city. In the event of dissolution, all funds and assets of the Corporation remaining after payment of its debts and obligations shall be disposed of in accordance with any requirements of the law under which the Corporation is incorporated, and in accordance with provisions contained in the articles of incorporation.
('74 Code, § 2-86) (Ord. G-25-75, passed - -75)