13.1-913 - Termination of corporate existence by incorporators or initial directors. - Virginia Statutes

§ 13.1-913. Termination of corporate existence by incorporators or initialdirectors.

A majority of the initial directors or, if initial directors were not namedin the articles of incorporation and have not been elected, the incorporatorsof a corporation that has not commenced business may dissolve the corporationand terminate its corporate existence by filing with the Commission articlesof termination of corporate existence that set forth:

1. The name of the corporation;

2. That the corporation has not commenced business;

3. That no debt of the corporation remains unpaid;

4. That the net assets of the corporation remaining after winding up havebeen distributed; and

5. That a majority of the initial directors authorized the dissolution orthat initial directors were not named in the articles of incorporation andhave not been elected and a majority of the incorporators authorized thedissolution.

(1985, c. 522; 1986, c. 234; 2007, c. 925.)