17.1.3.020 Voluntary Dissolution by Incorporators.

A corporation which has not commenced business and which has not issued any shares may be voluntarily dissolved by its incorporators at any time in the following manner:

(a) Articles of dissolution shall be executed in duplicate by a majority of the incorporators, and verified by them, and shall set forth:

(1) The name of the corporation.

(2) The date of issuance of its certificate of incorporation.

(3) That none of its shares has been issued.

(4) That the corporation has not commenced business.

(5) That the amount, if any, actually paid in on subscriptions for its shares, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto.

(6) That no debts of the corporation remain unpaid.

(7) That a majority of the incorporators elect that the corporation be dissolved.

(b) Duplicate originals of the articles of dissolution shall be delivered to the Tribal Services Director. If the Tribal Services Director finds that the articles of dissolution conform to law, the Tribal Services Director shall:

(1) Endorse on each of such duplicate originals the word "filed" and the month, day and year of the filing thereof.

(2) File on of such duplicate originals in the Tribal Service Director's office.

(3) Issue a certificate of dissolution to which the Tribal Services Director shall affix the other duplicate original.

The certificate of dissolution, together with the duplicate originals of the articles of dissolution affixed thereto by the Tribal Services Director, shall be returned to the incorporators, or their agent. Upon issuance of such certificate of dissolution by the Tribal Services Director, the existence of the corporation shall cease.