2019 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 504 - REVISED IOWA NONPROFIT CORPORATION ACT
Section 504.1401 - Dissolution by incorporators or directors and third persons.
504.1401 Dissolution by incorporators or directors and third persons.
1. A majority of the incorporators of a corporation that has no directors and no members or a majority of the directors of a corporation that has no members may, subject to any approval required by the articles or bylaws, dissolve the corporation by delivering articles of dissolution to the secretary of state.
2. The corporation shall give notice of any meeting at which dissolution will be approved. The notice must be in accordance with section 504.823, subsection 3. The notice must also state that the purpose, or one of the purposes, of the meeting is to consider dissolution of the corporation.
3. The incorporators or directors in approving dissolution shall adopt a plan of dissolution indicating to whom the assets owned or held by the corporation will be distributed after all creditors have been paid.
2004 Acts, ch 1049, §137, 192
