§ 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:
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.
History
This law was first created in 1985. The record of its establishment is cataloged in chapter 522 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 234; in 2007, chapter 925.
1985, c. 522; 1986, c. 234; 2007, c. 925.