LD 2111, Page 2 - 120th Legislature, SECOND REGULAR Session

private individual, except that reasonable compensation may be paid

for services rendered, and a member, director or officer of a

county extension building association, or any private individual,

is not entitled to share in the distribution of any of the

corporate assets on dissolution of the county extension building

association.__On the dissolution of a county extension building

association or on the termination of its activities, the assets of

the county extension building association remaining after the

payment of its liabilities must be distributed to the county in

which the county extension building association is housed.

§199-B.__No other approvals required

Bonds or notes may be issued by the county extension building
association under this chapter without obtaining the consent of
any commission, board, bureau or agency of the State or of the
county or counties comprising the affiliated county extension
association, and without any other proceeding or the happening of
any other conditions than those proceedings or conditions that
are specifically required by this chapter.

SUMMARY

This bill authorizes a county extension building association
to borrow money.

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