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The Vermont Statutes Online

 

Title 11B : Nonprofit Corporations

Chapter 014 : DISSOLUTION

Subchapter 001 : VOLUNTARY DISSOLUTION

(Cite as: 11B V.S.A. § 14.01)
  • § 14.01. Dissolution by incorporators or directors

    (a) A majority of the incorporators or directors of a corporation that has no members may, subject to any approval required by the articles or bylaws, dissolve the corporation by delivering to the Secretary of State articles of dissolution.

    (b) The corporation shall give notice of any meeting at which dissolution will be approved. The notice shall be in accordance with subsection 8.22(c) of this title. The notice must also state that the purpose, or one of the purposes, of the meeting is to consider dissolution of the corporation.

    (c) The incorporators or directors in approving dissolution shall adopt a plan of dissolution indicating to whom the assets owned or held by the corporation will be distributed after all creditors have been paid. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)