§ 54B-40. Voluntary dissolution by directors.
§54B‑40. Voluntary dissolution by directors.
A State association may bevoluntarily dissolved by a majority vote of the board of directors whensubstantially all of the assets have been sold for the purpose of terminatingthe business of the association or as provided in G.S. 55‑14‑01,and when a certificate of dissolution is recorded in the manner required bythis Chapter for the recording of certificates of incorporation. (1981,c. 282, s. 3; 1989 (Reg. Sess., 1990), c. 806, s. 20; 1991, c. 707, s. 2.)