1. (1) A majority of the incorporators or initial directors of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the secretary of state, for filing, articles of dissolution that set forth:

   1. (a) the name of the corporation;
   2. (b) the date of its incorporation;
   3. (c) either that none of the corporation's shares have been issued or that the corporation has not commenced business;
   4. (d) that any debt of the corporation does not remain unpaid;
   5. (e) if shares were issued, that the net assets of the corporation remaining after winding up of the corporation's business and affairs have been distributed to the shareholders; and
   6. (f) that a majority of the incorporators or initial directors authorized the dissolution.
2. (2) In addition to the requirements under this part, a domestic stock insurer shall comply with the provisions of Title 33, chapter 3, part 6.

History: En. Sec. 147, Ch. 368, L. 1991; amd. Sec. 9, Ch. 229, L. 1999; amd. Sec. 46, Ch. 151, L. 2017.