(1)  If a nonprofit corporation has no members, the following may authorize the dissolution of the nonprofit corporation:

non profit

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Terms Used In Utah Code 16-6a-1401

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
(a)  a majority of its directors; or

(b)  if it has no directors, a majority of its incorporators.

(2)  The directors or incorporators in approving dissolution shall adopt a plan of dissolution indicating to whom the assets owned or held by the nonprofit corporation will be distributed after all creditors have been paid.

Enacted by Chapter 300, 2000 General Session

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