13.1-751 - Termination of corporate existence by incorporators or initial directors. - Virginia Statutes

§ 13.1-751. 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 issued shares or has not commenced business maydissolve the corporation and terminate its corporate existence by filing withthe Commission articles of termination of corporate existence that set forth:

1. The name of the corporation;

2. [Repealed.]

3. Either (i) that none of the corporation's shares have been issued or (ii)that the corporation has not commenced business;

4. That no debt of the corporation remains unpaid;

5. That the net assets of the corporation remaining after winding up havebeen distributed to the shareholders, if shares were issued; and

6. 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.

(Code 1950, § 13.1-79; 1956, c. 428; 1975, c. 500; 1985, c. 522; 1986, c.234.)