Whenever the commission shall, after a public hearing held on reasonable notice, determine that the continued existence of the district is not in the public interest, and is not in the interest of efficient and economical utility service, it shall make an order to such effect, and a certified copy of such order shall be filed. Such determination shall be subject to review by certiorari or other suit, action, or proceeding in any court of competent jurisdiction. Whereupon, the district shall cease to continue as a body corporate for the purpose of doing business, but shall continue as such for such period as the commission may determine to settle the business of the district, wind up its affairs, dispose of its assets and settle its obligations, and for no other purpose. Under such circumstances, the directors shall have the powers of receivers in equity, subject to the supervisory control of the commission, to determine what is in the best interests of creditors and the users of the service of the district. In the event of dissolution, the assets of the district and the proceeds thereof shall be used first to pay the expenses of settling the affairs of the district, then the creditors in the order of their priority, and any surplus remaining shall be distributed in such manner as the general assembly may deem equitable.
Whenever the commission shall, after a public hearing held on reasonable notice, determine that the continued existence of the district is not in the public interest, and is not in the interest of efficient and economical utility service, it shall make an order to such effect, and a certified copy of such order shall be filed. Such determination shall be subject to review by certiorari or other suit, action, or proceeding in any court of competent jurisdiction. Whereupon, the district shall cease to continue as a body corporate for the purpose of doing business, but shall continue as such for such period as the commission may determine to settle the business of the district, wind up its affairs, dispose of its assets and settle its obligations, and for no other purpose. Under such circumstances, the directors shall have the powers of receivers in equity, subject to the supervisory control of the commission, to determine what is in the best interests of creditors and the users of the service of the district. In the event of dissolution, the assets of the district and the proceeds thereof shall be used first to pay the expenses of settling the affairs of the district, then the creditors in the order of their priority, and any surplus remaining shall be distributed in such manner as the general assembly may deem equitable.
Whenever the commission shall, after a public hearing held on reasonable notice, determine that the continued existence of the district is not in the public interest, and is not in the interest of efficient and economical utility service, it shall make an order to such effect, and a certified copy of such order shall be filed. Such determination shall be subject to review by certiorari or other suit, action, or proceeding in any court of competent jurisdiction. Whereupon, the district shall cease to continue as a body corporate for the purpose of doing business, but shall continue as such for such period as the commission may determine to settle the business of the district, wind up its affairs, dispose of its assets and settle its obligations, and for no other purpose. Under such circumstances, the directors shall have the powers of receivers in equity, subject to the supervisory control of the commission, to determine what is in the best interests of creditors and the users of the service of the district. In the event of dissolution, the assets of the district and the proceeds thereof shall be used first to pay the expenses of settling the affairs of the district, then the creditors in the order of their priority, and any surplus remaining shall be distributed in such manner as the general assembly may deem equitable.
