47-26-3. Dissolution by board of directors in corporation without members entitled to vote.
47 words·~1 min read·
/sd/title-47/chapter-47-26/47-26-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where there are no members, or no members entitled to vote thereon, the dissolution of the corporation shall be authorized at a meeting of the board of directors upon the adoption of a resolution to dissolve by the vote of a majority of the directors in office.