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. (1) the name of the corporation;
2. (2) the date of its incorporation;

3. (3) either:

   1. (i) that none of the corporation's shares has been issued; or
   2. (ii) that the corporation has not commenced business;
4. (4) that no debt of the corporation remains unpaid;
5. (5) that the net assets of the corporation remaining after winding up have been distributed to the shareholders if shares were issued; and
6. (6) that a majority of the incorporators or initial directors authorized the dissolution.

History: En. Sec. 184, Ch. 271, L. 2019.