Sec. 12.05. Voluntary dissolution by incorporators or by initial directors.
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/il/chapter-805/act-5/12-05A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12.05. Voluntary dissolution by incorporators or by initial directors. Dissolution of a corporation may be authorized either by a majority of incorporators if initial directors were not named in the articles of incorporation or have not been elected, or by a majority of the directors if initial directors were named in the articles of incorporation or have been elected, provided that:
(a)None of the shares of the corporation have been issued.
(b)The amount, if any, actually paid in on the subscriptions to the shares of the corporation, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto.
(c)No debts of the corporation remain unpaid.
(d)Written notice of the election to dissolve the corporation has been given to all incorporators or all directors, as the case may be, not less than three days before the execution of articles of dissolution.