§ 112.05 — Voluntary dissolution by directors

Illinois § 112.05

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 805: BUSINESS ORGANIZATIONS
• Act 805 ILCS 105/: General Not For Profit Corporation Act of 1986.
• Art.: Article 12 - Dissolution

Text

Where a corporation has no members or no members entitled to vote on dissolution, the dissolution of a corporation may be authorized by a majority of the directors provided that: (a) No debts of the corporation remain unpaid. (b) Written notice of the election to dissolve the corporation has been given to all directors, not less than three days before the execution of articles of dissolution.

Legislative History

(Source: P.A. 84-1423.)