16-6a-1401. Dissolution by incorporators or directors if no members.
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16-6a-1401. Dissolution by incorporators or directors if no members.
(1)If a nonprofit corporation has no members, the following may authorize the dissolution of the nonprofit corporation:
(a)a majority of its directors; or
(b)if it has no directors, a majority of its incorporators.
(2)The directors or incorporators in approving dissolution shall adopt a plan of dissolution indicating to whom the assets owned or held by the nonprofit corporation will be distributed after all creditors have been paid.
Enacted by Chapter 300 , 2000 General Session