Dissolution by incorporators or initial directors A majority of the incorporators or initial directors of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the Secretary of State for filing articles of dissolution that set forth: (1) the name of the corporation;(2) the date of its incorporation;(3) either:(A) that none of the corporation’s shares has been issued; or(B) that the corporation has not commenced business;(4) that no debt of the corporation remains unpaid;(5) that the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and (6) that a majority of the incorporators or initial directors authorized the dissolution. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)
Vermont Legal Code