TITLE 35. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

CHAPTER 1. BUSINESS CORPORATIONS

Part 9. Dissolution and Liquidation

Dissolution By Incorporators Or Initial Directors

35-1-931. Dissolution by incorporators or initial directors. A majority of the incorporators or initial directors of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the secretary of state, for filing, articles of dissolution that set forth:

(1) the name of the corporation;

(2) the date of its incorporation;

(3) either that none of the corporation's shares have been issued or that the corporation has not commenced business;

(4) that any debt of the corporation does not remain unpaid;

(5) if shares were issued, that the net assets of the corporation remaining after winding up of the corporation's business and affairs have been distributed to the shareholders; and

(6) that a majority of the incorporators or initial directors authorized the dissolution.

History: En. Sec. 147, Ch. 368, L. 1991; amd. Sec. 9, Ch. 229, L. 1999.