{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-751.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-751.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-751.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-751.html"}],"law_id":86164,"edition_id":1,"section_id":86164,"structure_id":15213,"section_number":"13.1-751","catch_line":"Termination of corporate existence by incorporators or initial directors","history":"Code 1950, \u00a7 13.1-79; 1956, c. 428; 1975, c. 500; 1985, c. 522; 1986, c. 234; 2019, c. 734.","full_text":"A majority of the initial directors, or, if initial directors were not named in the articles of incorporation and have not been elected, a majority of the incorporators of a corporation that has not issued shares or 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:\n\n1\n\nThe name of the corporation;2\n\nThe date of its incorporation;3\n\nEither (i) that none of the corporation&#8217;s shares have been issued or (ii) that the corporation has not commenced business;4\n\nThat no debt of the corporation remains unpaid;5\n\nThat the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and6\n\nThat 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.","order_by":null,"text":{"0":{"id":308663,"text":"A majority of the initial directors, or, if initial directors were not named in the articles of incorporation and have not been elected, a majority of the incorporators of a corporation that has not issued shares or 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:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":308664,"text":"The name of the corporation;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":308665,"text":"The date of its incorporation;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":308666,"text":"Either (i) that none of the corporation&#8217;s shares have been issued or (ii) that the corporation has not commenced business;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":308667,"text":"That no debt of the corporation remains unpaid;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":308668,"text":"That the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":308669,"text":"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.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":15213,"edition_id":1,"name":"Dissolution","identifier":"16","label":"article","depth":3,"order_by":1,"parent_id":12983,"metadata":{},"date_created":"2026-06-26 03:53:05","date_modified":"2026-06-26 03:53:05","permalink":{"id":150607,"object_type":"structure","relational_id":15213,"identifier":"16","token":"13.1\/9\/16","url":"\/13.1\/9\/16\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12983,"edition_id":1,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:06","date_modified":"2026-06-26 03:44:06","permalink":{"id":150163,"object_type":"structure","relational_id":12983,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78573,"structure_id":15213,"section_number":"13.1-742","catch_line":"Dissolution by directors and shareholders","url":"\/13.1-742\/","token":"13.1\/9\/16\/13.1-742","metadata":false},{"id":74323,"structure_id":15213,"section_number":"13.1-743","catch_line":"Articles of dissolution","url":"\/13.1-743\/","token":"13.1\/9\/16\/13.1-743","metadata":false},{"id":84480,"structure_id":15213,"section_number":"13.1-744","catch_line":"Revocation of dissolution","url":"\/13.1-744\/","token":"13.1\/9\/16\/13.1-744","metadata":false},{"id":64259,"structure_id":15213,"section_number":"13.1-745","catch_line":"Effect of dissolution","url":"\/13.1-745\/","token":"13.1\/9\/16\/13.1-745","metadata":false},{"id":71065,"structure_id":15213,"section_number":"13.1-746","catch_line":"Known claims against dissolved corporation","url":"\/13.1-746\/","token":"13.1\/9\/16\/13.1-746","metadata":false},{"id":80590,"structure_id":15213,"section_number":"13.1-746.1","catch_line":"Other claims against dissolved corporation","url":"\/13.1-746.1\/","token":"13.1\/9\/16\/13.1-746.1","metadata":false},{"id":65922,"structure_id":15213,"section_number":"13.1-746.2","catch_line":"Court proceedings","url":"\/13.1-746.2\/","token":"13.1\/9\/16\/13.1-746.2","metadata":false},{"id":61111,"structure_id":15213,"section_number":"13.1-746.3","catch_line":"Director duties","url":"\/13.1-746.3\/","token":"13.1\/9\/16\/13.1-746.3","metadata":false},{"id":78235,"structure_id":15213,"section_number":"13.1-747","catch_line":"Grounds for judicial dissolution","url":"\/13.1-747\/","token":"13.1\/9\/16\/13.1-747","metadata":false},{"id":66813,"structure_id":15213,"section_number":"13.1-748","catch_line":"Receivership or custodianship","url":"\/13.1-748\/","token":"13.1\/9\/16\/13.1-748","metadata":false},{"id":60460,"structure_id":15213,"section_number":"13.1-749","catch_line":"Decree of dissolution","url":"\/13.1-749\/","token":"13.1\/9\/16\/13.1-749","metadata":false},{"id":79426,"structure_id":15213,"section_number":"13.1-749.1","catch_line":"Election to purchase in lieu of dissolution","url":"\/13.1-749.1\/","token":"13.1\/9\/16\/13.1-749.1","metadata":false},{"id":74574,"structure_id":15213,"section_number":"13.1-750","catch_line":"Articles of termination of corporate existence","url":"\/13.1-750\/","token":"13.1\/9\/16\/13.1-750","metadata":false},{"id":86164,"structure_id":15213,"section_number":"13.1-751","catch_line":"Termination of corporate existence by incorporators or initial directors","url":"\/13.1-751\/","token":"13.1\/9\/16\/13.1-751","metadata":false},{"id":85358,"structure_id":15213,"section_number":"13.1-752","catch_line":"Automatic termination of corporate existence","url":"\/13.1-752\/","token":"13.1\/9\/16\/13.1-752","metadata":false},{"id":57936,"structure_id":15213,"section_number":"13.1-753","catch_line":"Involuntary termination of corporate existence","url":"\/13.1-753\/","token":"13.1\/9\/16\/13.1-753","metadata":false},{"id":70924,"structure_id":15213,"section_number":"13.1-754","catch_line":"Reinstatement of a corporation that has ceased to exist","url":"\/13.1-754\/","token":"13.1\/9\/16\/13.1-754","metadata":false},{"id":69331,"structure_id":15213,"section_number":"13.1-755","catch_line":"Survival of remedy after termination of corporate existence","url":"\/13.1-755\/","token":"13.1\/9\/16\/13.1-755","metadata":false},{"id":71024,"structure_id":15213,"section_number":"13.1-756","catch_line":"Repealed","url":"\/13.1-756\/","token":"13.1\/9\/16\/13.1-756","metadata":false}],"previous_section":{"id":74574,"structure_id":15213,"section_number":"13.1-750","catch_line":"Articles of termination of corporate existence","url":"\/13.1-750\/","token":"13.1\/9\/16\/13.1-750","metadata":false},"next_section":{"id":85358,"structure_id":15213,"section_number":"13.1-752","catch_line":"Automatic termination of corporate existence","url":"\/13.1-752\/","token":"13.1\/9\/16\/13.1-752","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-751\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1975, chapter 500; in 1985, chapter 522; in 1986, chapter 234; in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0734\">734<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":150661,"object_type":"law","relational_id":86164,"identifier":"13.1-751","token":"13.1\/9\/16\/13.1-751","url":"\/13.1-751\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-751\/","token":"13.1\/9\/16\/13.1-751","dublin_core":{"Title":"Termination of corporate existence by incorporators or initial directors","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-751","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A majority of the initial directors, or, if initial directors were not named in the <span class=\"dictionary\">articles of incorporation<\/span> and have not been elected, a majority of the incorporators of a <span class=\"dictionary\">corporation<\/span> that has not issued <span class=\"dictionary\">shares<\/span> or has not commenced business may dissolve the <span class=\"dictionary\">corporation<\/span> and terminate its corporate existence by filing with the <span class=\"dictionary\">Commission<\/span> articles of termination of corporate existence that set forth:<\/p><\/section>\n\t\t\t\t\t\t<section id=\"1\"><p><span class=\"prefix-number\">1.<\/span> The name of the <span class=\"dictionary\">corporation<\/span>; <a id=\"paragraph-308664\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-751\/#1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"2\"><p><span class=\"prefix-number\">2.<\/span> The date of its incorporation; <a id=\"paragraph-308665\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-751\/#2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"3\"><p><span class=\"prefix-number\">3.<\/span> Either (i) that none of the <span class=\"dictionary\">corporation<\/span>&#8217;s <span class=\"dictionary\">shares<\/span> have been issued or (ii) that the <span class=\"dictionary\">corporation<\/span> has not commenced business; <a id=\"paragraph-308666\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-751\/#3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"4\"><p><span class=\"prefix-number\">4.<\/span> That no debt of the <span class=\"dictionary\">corporation<\/span> remains unpaid; <a id=\"paragraph-308667\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-751\/#4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"5\"><p><span class=\"prefix-number\">5.<\/span> That the net <span class=\"dictionary\">assets<\/span> of the <span class=\"dictionary\">corporation<\/span> remaining after winding up have been distributed to the <span class=\"dictionary\">shareholders<\/span>, if <span class=\"dictionary\">shares<\/span> were issued; and <a id=\"paragraph-308668\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-751\/#5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"6\"><p><span class=\"prefix-number\">6.<\/span> That a majority of the initial directors authorized the dissolution or that initial directors were not named in the <span class=\"dictionary\">articles of incorporation<\/span> and have not been elected and a majority of the incorporators authorized the dissolution. <a id=\"paragraph-308669\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-751\/#6\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTERMINATION OF CORPORATE EXISTENCE BY INCORPORATORS OR INITIAL DIRECTORS (\u00a7\n13.1-751)\n\nA majority of the initial directors, or, if initial directors were not named in\nthe articles of incorporation and have not been elected, a majority of the\nincorporators of a corporation that has not issued shares or has not commenced\nbusiness may dissolve the corporation and terminate its corporate existence by\nfiling with the Commission articles of termination of corporate existence that\nset forth:\n\n1. The name of the corporation;\n\n2. The date of its incorporation;\n\n3. Either (i) that none of the corporation&#8217;s shares have been issued or\n(ii) that the corporation has not commenced business;\n\n4. That no debt of the corporation remains unpaid;\n\n5. That the net assets of the corporation remaining after winding up have been\ndistributed to the shareholders, if shares were issued; and\n\n6. That a majority of the initial directors authorized the dissolution or that\ninitial directors were not named in the articles of incorporation and have not\nbeen elected and a majority of the incorporators authorized the dissolution.\n\nHISTORY: Code 1950, \u00a7 13.1-79; 1956, c. 428; 1975, c. 500; 1985, c. 522; 1986,\nc. 234; 2019, c. 734.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}