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2012 Florida Statutes

Reversion upon dissolution of corporation or termination of lease.
F.S. 946.505
946.505 Reversion upon dissolution of corporation or termination of lease.
(1) In the event the corporation is dissolved or its lease of any correctional work program expires or is otherwise terminated, all property relating to such correctional work program which ceases to function because of such termination or dissolution, including all buildings, land, furnishings, equipment, and other chattels originally leased from the department, as well as any subsequently constructed or otherwise acquired facilities in connection with its continued operation of that program, automatically reverts to full ownership by the department unless the corporation intends to utilize such property in another correctional work program. Such a reversionary ownership interest of the state in any and all such after-acquired facilities by the corporation is in furtherance of the goals established in s. 946.502(4), and such a present ownership interest by the state is a continuing and insurable state interest.
(2) Notwithstanding any provision of subsection (1), the ownership of any permanent enhancements made to facilities or work programs is vested in the department.
History.s. 2, ch. 83-209; ss. 4, 8, ch. 87-286; s. 8, ch. 94-265; s. 4, ch. 97-227.
Note.Former s. 946.035.