Sec. 33-1175. Adoption of plan for distribution of assets.
Sec. 33-1175. Adoption of plan for distribution of assets. A plan providing for
the distribution of assets, not inconsistent with the provisions of sections 33-1000 to
33-1290, inclusive, shall be adopted by a corporation for the purpose of authorizing any
transfer or conveyance of assets for which section 33-1176 requires a plan of distribution,
in the following manner:
(1) Where there are members of any class entitled to vote on dissolution, the board
of directors shall adopt a resolution recommending a plan of distribution and directing
the submission thereof to a vote of each class of such members. Written notice setting
forth the proposed plan of distribution or a summary thereof shall be given to each such
member in accordance with section 33-1065. Such plan of distribution shall be adopted
upon receiving the approval of at least two-thirds of the votes cast by each class of such
members voting as a class.
(2) Where there are no members entitled to vote on dissolution, a plan of distribution
shall be adopted by resolution of the board of directors, or, if directors have not yet been
appointed, by resolution approved by two-thirds of the incorporators.
(P.A. 96-256, S. 120, 209.)
History: P.A. 96-256 effective January 1, 1997.