State Codes and Statutes
Statutes > Virginia > Title-13-1 > Chapter-10 > 13-1-913§ 13.1-913. Termination of corporate existence by incorporators or initialdirectors.
A majority of the initial directors or, if initial directors were not namedin the articles of incorporation and have not been elected, the incorporatorsof a corporation that has not commenced business may dissolve the corporationand terminate its corporate existence by filing with the Commission articlesof termination of corporate existence that set forth:
1. The name of the corporation;
2. That the corporation has not commenced business;
3. That no debt of the corporation remains unpaid;
4. That the net assets of the corporation remaining after winding up havebeen distributed; and
5. That a majority of the initial directors authorized the dissolution orthat initial directors were not named in the articles of incorporation andhave not been elected and a majority of the incorporators authorized thedissolution.
(1985, c. 522; 1986, c. 234; 2007, c. 925.)
