The foundation as a nonprofit corporation created in section 257A.1 has perpetual succession. The succession shall continue un- til the existence of the corporation is terminated by law. If the corporation is terminated, the rights and properties of the corporation shall pass to the state. However, debts and other financial obligations shall not succeed to the state.
85 Acts, ch 213, §4
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Last update: Mon Jan 27 16:05:08 CST 1997