§ 564-f-20-2001

564-F:20-2001 Dissolution by Organizers or Initial Directors. – (a) If the foundation has not received its initial capital contribution, then the following persons may dissolve a foundation by filing with the secretary of state a certificate of dissolution: (1) A majority of the organizers; or (2) A majority of the initial directors. (b) The certificate of dissolution shall set forth: (1) The foundation's name; (2) The date on which the dissolution was authorized; (3) If a majority of organizers have authorized the dissolution, a statement that a majority of the organizers authorized the dissolution; (4) If a majority of initial directors have authorized the dissolution, a statement that a majority of the initial directors authorized the dissolution; and (5) A statement that the foundation has not received its initial capital contribution. (c) A foundation's dissolution is effective upon filing the certificate of dissolution. Source. 2017, 257:47, eff. Oct. 1, 2017.