5971 - Voluntary dissolution by members or incorporators.
SUBCHAPTER F VOLUNTARY DISSOLUTION AND WINDING UP Sec. 5971. Voluntary dissolution by members or incorporators. 5972. Proposal of voluntary dissolution. 5973. Notice of meeting of members. 5974. Adoption of proposal. 5974.1. Articles of election to dissolve (Repealed). 5974.2. Articles rescinding election to dissolve (Repealed). 5975. Predissolution provision for liabilities. 5976. Judicial supervision of proceedings. 5977. Articles of dissolution. 5978. Winding up of corporation after dissolution. 5979. Survival of remedies and rights after dissolution. Subchapter Heading. The heading of Subchapter F was amended December 21, 1988, P.L.1444, No.177, effective October 1, 1989. Cross References. Subchapter F is referred to in section 5930 of this title. § 5971. Voluntary dissolution by members or incorporators. (a) General rule.--The members or incorporators of a nonprofit corporation that has not commenced business may effect the dissolution of the corporation by filing articles of dissolution in the Department of State. The articles of dissolution shall be executed in the name of the corporation by a majority of the members or incorporators, and shall set forth: (1) The name of the corporation and, subject to section 109 (relating to name of commercial registered office provider in lieu of registered address), the address, including street and number, if any, of its registered office. (2) The statute under which the corporation was incorporated and the date of incorporation. (3) That the corporation has not received any property in trust, or otherwise commenced business. (4) That the amount, if any, actually paid in on subscriptions for memberships, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto. (5) That all liabilities of the corporation have been discharged or that adequate provision has been made therefor. (6) That a majority of the members or incorporators elect that the corporation be dissolved. (b) Filing.--The articles of dissolution shall be filed in the Department of State. See section 134 (relating to docketing statement). (c) Effect.--Upon the filing of the articles of dissolution, the existence of the corporation shall cease. (Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989; Dec. 19, 1990, P.L.834, No.198, eff. imd.) 1990 Amendment. Act 198 reenacted and amended the entire section.