§ 55A-14-03. Plan of dissolution. - North Carolina Statutes

§55A‑14‑03.  Plan of dissolution.

(a)        The plan ofdissolution approved pursuant to G.S. 55A‑14‑02 shall provide thatall liabilities and obligations of the corporation be paid and discharged, oradequate provisions be made therefor, and that the remainder of thecorporation's assets be distributed as follows:

(1)        Assets held by thecorporation upon condition requiring return, transfer, or conveyance, whichcondition occurs by reason of the dissolution, shall be returned, transferred,or conveyed in accordance with such requirements;

(2)        Other assets, ifany, of a charitable or religious corporation shall, subject to the articles ofincorporation or bylaws, be transferred or conveyed to one or more of thefollowing: the United States, a state, a charitable or religious corporation,or a person that is exempt under section 501(c)(3) of the Internal Revenue Codeof 1986 or any successor section;

(3)        Other assets, ifany, of a corporation that is not a charitable or religious corporation shall,subject to the articles of incorporation and bylaws, be distributed as providedin the plan of dissolution.

(b)        The plan ofdissolution may set forth other provisions relating to the dissolution. (1955,c. 1230; 1993, c. 398, s. 1.)