CODE OF VIRGINIA

TERMINATION OF CORPORATE EXISTENCE BY INCORPORATORS OR INITIAL DIRECTORS (§
13.1-913)

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:

   1.  The name of the corporation;

   2.  That the corporation has not commenced business;

   3.  That no debt of the corporation remains unpaid;

   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: 1985, c. 522; 1986, c. 234; 2007, c. 925.