§ 24.06.260 — Voluntary dissolution.

Washington § 24.06.260

• Jurisdiction: Washington
• Title 24: CORPORATIONS AND ASSOCIATIONS (NONPROFIT)
• Ch. 24.06: NONPROFIT MISCELLANEOUS AND MUTUAL CORPORATIONS ACT

Text

A corporation may dissolve and wind up its affairs in the following manner:

(1) The board of directors shall adopt a resolution recommending that the corporation be dissolved, and directing that the question of such dissolution be submitted to a vote at a meeting of members and shareholders which may be either an annual or a special meeting.

(2) Written or printed notice or, if specifically permitted by the articles of incorporation or bylaws of the corporation, notice by electronic transmission, stating that the purpose or one of the purposes of such meeting is to consider the advisability of dissolving the corporation shall be given to each member and shareholder within the time and in the manner provided in this chapter for the giving of notice of meetings of members and shareholders.

(3) A resolution to dissolve the corporation shall be adopted upon receiving at least two-thirds of the votes which members and shareholders present in person or by mail or by electronic transmission at such meeting or represented by proxy are entitled to cast.

Upon the adoption of such resolution by the members and shareholders, the corporation shall cease to conduct its affairs and, except insofar as may be necessary for the winding up thereof, shall immediately cause a notice of the proposed dissolution to be mailed to each known creditor of the corporation and to the department of revenue, and shall proceed to collect its assets and to apply and distribute them as provided in RCW 24.06.265 .

Intent — Severability — Effective dates — Application — 1982 c 35: See notes following RCW 43.07.160 .

Legislative History

[2000 c 167 s 12;1982 c 35 s 137;1969 ex.s. c 120 s 52.]