16-6a-1401 - Dissolution by incorporators or directors if no members.
16-6a-1401. Dissolution by incorporators or directors if no members.
(1) If a nonprofit corporation has no members, the following may authorize thedissolution 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 ofdissolution indicating to whom the assets owned or held by the nonprofit corporation will bedistributed after all creditors have been paid.
Enacted by Chapter 300, 2000 General Session