North Dakota Code 10-19.1-107 – Voluntary dissolution after the issuance of shares
After the issuance of shares, a corporation may be dissolved when authorized in the manner set forth in this section:
Terms Used In North Dakota Code 10-19.1-107
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. If the corporation has outstanding shares, then:
a. Written notice must be given to each shareholder, whether or not entitled to vote at a meeting of shareholders within the time and in the manner provided in section 10-19.1-73 for notice of meetings of shareholders and, whether the meeting is a regular or a special meeting, must state that a purpose of the meeting is to consider dissolving the corporation.
b. The proposed dissolution must be submitted for approval at a meeting of shareholders. If the proposed dissolution is approved at a meeting by the affirmative vote of the holders of a majority of the voting power of all shares entitled to vote, the dissolution must be commenced.
2. If the corporation no longer has any outstanding shares, then the directors may authorize and commence the dissolution. If the directors take that action, then:
a. The notice of dissolution filed under section 10-19.1-108 shall so reflect; and
b. The directors shall have the right to revoke the dissolution proceedings in accordance with section 10-19.1-112.