1. (a) If the foundation has not received its initial capital contribution, then the following persons may dissolve a foundation by filing with the secretary of state a certificate of dissolution:

   1. (1) A majority of the organizers; or
   2. (2) A majority of the initial directors.

2. (b) The certificate of dissolution shall set forth:

   1. (1) The foundation's name;
   2. (2) The date on which the dissolution was authorized;
   3. (3) If a majority of organizers have authorized the dissolution, a statement that a majority of the organizers authorized the dissolution;
   4. (4) If a majority of initial directors have authorized the dissolution, a statement that a majority of the initial directors authorized the dissolution; and
   5. (5) A statement that the foundation has not received its initial capital contribution.
3. (c) A foundation's dissolution is effective upon filing the certificate of dissolution.

Source. 2017, 257:47, eff. Oct. 1, 2017.