North Dakota Code 10-33-98 – Voluntary dissolution by board and members with voting rights
1. A corporation may be dissolved by the board and members with voting rights as provided in this section.
Terms Used In North Dakota Code 10-33-98
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
2. The board shall adopt a resolution proposing dissolution of the corporation by the affirmative vote of a majority of all directors.
a. The resolution must include a plan of dissolution that states to whom the assets owned or held by the corporation will be distributed after creditors are paid.
b. The plan must comply with the requirements of section 10-33-105.
c. If the board will have discretion in distributing assets, the plan must state that the assets will be distributed to persons the board subsequently identifies.
d. If there is a member with voting rights, the resolution and plan of dissolution must be submitted to the members under subsection 3.
3. With respect to approval by members with voting rights:
a. Written notice:
(1) Must be given to each member with voting rights, within the time and in the manner provided in section 10-33-68 for notice of meetings of members; and
(2) Whether the meeting is a regular or a special meeting, must state that a purpose of the meeting is to consider dissolving the corporation.
b. The proposed dissolution must be submitted for approval at a meeting of members. If the proposed dissolution is approved by the members with voting rights, the dissolution must be started.