Sec. 3-60a. Property distributable on dissolution of business presumed abandoned, when. Notice to shareholder of corporate dissolution or liquidation.
Sec. 3-60a. Property distributable on dissolution of business presumed abandoned, when. Notice to shareholder of corporate dissolution or liquidation. (a) All
property distributable in the course of a voluntary or involuntary dissolution or liquidation of an unincorporated business, banking or financial organization created under the
laws of this state which is unclaimed by the owner at the date of final dissolution or
liquidation is presumed abandoned.
(b) All property distributable in the course of a voluntary or involuntary dissolution
or liquidation of a corporation pursuant to the provisions of title 33 which is unclaimed
by the owner at the date of final dissolution or liquidation is presumed abandoned.
(c) Notice given by certified or registered mail to any shareholder of a corporation
voluntarily or involuntarily dissolved or liquidated during the course of such dissolution
or liquidation shall be deemed to be sufficient notice under the provisions of this part.
(1961, P.A. 540, S. 5; 1969, P.A. 405.)
History: 1969 act added Subsec. (c) re notice requirement.