35-2-720. Dissolution by incorporators or directors and third persons.
156 words·~1 min read·
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35-2-720 . Dissolution by incorporators or directors and third persons.
(1)A majority of the incorporators or directors of a corporation that does not have members may, subject to any approval required by the articles or bylaws, dissolve the corporation by delivering to the secretary of state articles of dissolution.
(2)The corporation shall give notice of any meeting at which dissolution will be approved. The notice must be in accordance with 35-2-429 (3). The notice must also state that the purpose or one of the purposes of the meeting is to consider dissolution of the corporation.
(3)In approving dissolution, the incorporators or directors shall adopt a plan of dissolution indicating to whom the assets owned or held by the corporation will be distributed after all creditors have been paid.
(4)In addition to the requirements under this part, a domestic mutual insurer shall comply with the provisions of Title 33, chapter 3, part 6.