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Are Type A not-for-profit corporations subject to the simplified dissolution procedure?

April 26, 2017corporations dissolution not-for-profit procedure simplified Subject type

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Are Type A not-for-profit corporations subject to the simplified dissolution procedure?

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No. Generally, Type A corporations do not require court or Attorney General approval to dissolve and the simplified dissolution procedure is not applicable. However, dissolving Type A trade associations must get approval from the Attorney General=s Antitrust Bureau. In addition, if a Type A corporation holds assets for Type B charitable purposes, or holds donor restricted funds, it must follow the procedures for an asset dissolution (see N-PCL ‘ 201(b) for descriptions of the different corporate types).