(805 ILCS 5/12.05) (from Ch. 32, par. 12.05)
Sec. 12.05.
Voluntary dissolution by incorporators or by initial directors.
Dissolution of a corporation may be authorized either by a majority of incorporators
if initial directors were not named in the articles of incorporation or
have not been elected, or by a majority of the directors if initial directors
were named in the articles of incorporation or have been elected, provided that:
(a) None of the shares of the corporation have been issued.
(b) The amount, if any, actually paid in on the subscriptions to the shares
of the corporation, less any part thereof disbursed for necessary expenses,
has been returned to those entitled thereto.
(c) No debts of the corporation remain unpaid.
(d) Written notice of the election to dissolve the corporation has been
given to all incorporators or all directors, as the case may be, not less
than three days before the execution of articles of dissolution.
(Source: P.A. 83-1025.)
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