CODE OF VIRGINIA

TERMINATION OF CORPORATE EXISTENCE BY INCORPORATORS OR INITIAL DIRECTORS (§
13.1-751)

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 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:

   1.  The name of the corporation;

   2.  [Repealed.]

   3.  Either (i) that none of the corporation’s shares have been issued or
   (ii) 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 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: Code 1950, § 13.1-79; 1956, c. 428; 1975, c. 500; 1985, c. 522; 1986,
c. 234.