The Rural Municipality of Portage has been named beneficiary by Southport Aerospace Centre, should the corporation ever fold.

A change in Southport's by-laws provides for assets remaining after debts are settled go to the RM.

Reeve Jim Knight believes the corporation is more than a business -- it also provides housing for many people and an area for to operate airborne businesses.

He notes Southport is a viable business and doesn't think there's any chance it will fold.

The federal government was previously named as the asset recipient.