2020 Code of Virginia
Title 13.1 - Corporations
Chapter 10 - Virginia Nonstock Corporation Act
§ 13.1-913. Termination of corporate existence by incorporators or initial directors
A majority of the initial directors or, if initial directors were not named in the articles of incorporation and have not been elected, the incorporators of a corporation that has not commenced business may dissolve the corporation and terminate its corporate existence by filing with the Commission articles of 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 have been distributed; and
5. That a majority of the initial directors authorized the dissolution or that initial directors were not named in the articles of incorporation and have not been elected and a majority of the incorporators authorized the dissolution.
1985, c. 522; 1986, c. 234; 2007, c. 925.
