§ 10-11401 Dissolution by incorporators or directors and third persons

AZ Rev Stat § 10-11401 (2019) (N/A)

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10-11401. Dissolution by incorporators or directors and third persons

A. A majority of the incorporators or initial directors of a corporation that has not commenced activities or the board of directors of a corporation that has no members or has no members entitled to vote on dissolution or that has not commenced activities may dissolve the corporation by delivering to the commission for filing articles of dissolution. An incorporator or a director, whose signature shall be acknowledged, shall execute the articles of dissolution, and the articles shall set forth all of the following:

1. The name of the corporation.

2. The date of its incorporation.

3. Either:

(a) That the corporation has no members.

(b) That the corporation has no members entitled to vote on dissolution.

4. That the dissolution was duly authorized by act of the board of directors or a majority of the incorporators or initial directors and, if required by section 10-11030, act of any other persons.

B. The board of directors, incorporators or initial directors in approving the 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.

C. Authorization of dissolution pursuant to this section shall require the approval in writing by any person or persons whose approval is required for dissolution.

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§ 10-11402 Dissolution by directors and third persons