450.2803 Dissolution of corporation by action of incorporators or directors; conditions; certificate of dissolution.

234 words·~1 min read·/mi/chapter-450/450-2803

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 803.

(1)A corporation may be dissolved by action of its incorporators or directors, if the corporation complies with all of the following conditions:

(a)Has not commenced affairs.

(b)Has not issued any shares and has no members entitled to vote on dissolution.

(c)Has no debts or other liabilities.

(d)Has received no payments on subscriptions for its shares or memberships, contributions or other funds from members or third parties, or, if it has received payments, has returned them to those entitled thereto, less any part thereof disbursed for expenses.

(2)The dissolution of the corporation shall be effected by a majority of the incorporators or directors, executing and filing a certificate of dissolution stating:

(a)The name of the corporation.

(b)That the corporation has not commenced affairs, has issued no shares, and has no members entitled to vote on dissolution, and has no debts or other liabilities.

(c)That the corporation has received no payments on subscriptions to its shares or memberships, contributions or other funds from members or third parties, or, if it has received payments, has returned them to those entitled thereto, less any part thereof disbursed for expenses.

(d)That a majority of the incorporators or directors have elected that the corporation be dissolved.

History: 1982, Act 162, Eff. Jan. 1, 1983