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Ark. Code Ann. § 4-27-1401

Dissolution by incorporators or initial directors

Known as the Arkansas Business Corporation Act

The act spans §§ 4–4 (323 sections).

Applied in 1 court decision — leading case Cooper v. Discover Bank (2019)

Most recently applied in Cooper v. Discover Bank (March 2019)

Acts 1987, No. 958, § 64-1401.

A majority of the incorporators or initial directors of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the Secretary of State for filing articles of dissolution that set forth:

(1) the name of the corporation;

(2) the date of its incorporation;

(3) either (i) that none of the corporation's shares has 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 incorporators or initial directors authorized the dissolution.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.