2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 3 - Nonprofit Corporations
§ 497. Dissolution; procedure

Universal Citation: V.I. Code tit. 13, § 497 (2019)
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  • (a) A majority of the members in good standing of any corporation organized under this chapter may at any time petition the Lieutenant Governor for a dissolution of the corporation. Such petition shall be accompanied by—

    • (1) the affidavit of the secretary of the corporation stating the name of the corporation, the date of incorporation, the number of members in good standing and that said information is true and correct according to the records in his possession as of the date of petition for dissolution;

    • (2) a financial statement of the corporation prepared by its treasurer as of the date of the petition for dissolution showing all assets and liabilities of the corporation;

    • (3) if there are assets of the corporation, a certified copy of a resolution of the board of directors, managers or trustees showing that such assets have been transferred to a trustee for the benefit of creditors and members; and

    • (4) a list of the names and addresses of all creditors of the corporation as of the date of the petition for dissolution, and a statement that all such creditors have been duly notified of the petition for dissolution.

  • (b) Upon receipt of the petition for dissolution, the Lieutenant Governor shall publish notice of the petition for dissolution three times a week for two successive weeks in any newspaper of general circulation in the United States Virgin Islands, which notice shall state: the name of the corporation, the fact that it was organized under this chapter, that the corporation has petitioned for dissolution and the name and address of the trustee appointed for the benefit of the creditors and members, if a trustee was appointed.

  • (c) Within six weeks from the date of the filing of the petition for dissolution with the Lieutenant Governor with all attachments as herein required, the Lieutenant Governor shall issue a certificate of dissolution formally dissolving the corporation. The certificate of dissolution, when issued, shall be published once a week for two successive weeks in the same newspaper. After the certificate of dissolution has been issued and published the corporation shall thereafter cease to exist for any purpose whatsoever, except as provided in section 498 of this title.

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