47-25A-12. Abandonment of for-profit conversion.
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/sd/title-47/chapter-47-25/47-25a-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Unless otherwise provided in a plan of for-profit conversion of a domestic nonprofit corporation, after the plan has been adopted and approved, and at any time before the for-profit conversion has become effective, it may be abandoned by the board of directors without action by the members.
(b)If a for-profit conversion is abandoned under paragraph
(a)after articles of for-profit conversion are filed with the Office of the Secretary of State but before the for-profit conversion has become effective, a statement that the for-profit conversion has been abandoned in accordance with this section, signed by an officer or other duly authorized representative, must be delivered to the Office of the Secretary of State for filing prior to the effective date of the for-profit conversion. The statement takes effect upon filing and the for-profit conversion is abandoned and does not become effective.