§ 1211. Administrative dissolution
§ 1211. Administrative dissolution (a) The Secretary of State may dissolve a mutual benefit enterprise administratively if the enterprise does not: (1) pay, not later than 60 days after the due date, any fee, tax, or penalty due to the Secretary of State under this title; or (2) deliver not later than 60 days after […]
§ 1212. Reinstatement following administrative dissolution
§ 1212. Reinstatement following administrative dissolution (a) A mutual benefit enterprise that has been dissolved administratively may apply to the Secretary of State for reinstatement not later than two years after the effective date of dissolution. The application shall be delivered to the Secretary of State for filing and state: (1) the name of the […]
§ 1213. Denial of reinstatement; appeal
§ 1213. Denial of reinstatement; appeal (a) If the Secretary of State denies a mutual benefit enterprise’s application for reinstatement following administrative dissolution, the Secretary of State shall prepare and file a notice that explains the reason for denial and serve the enterprise with a copy of the notice. (b) Not later than 30 days […]
§ 1215. Statement of termination
§ 1215. Statement of termination (a) A dissolved mutual benefit enterprise that has completed winding up may deliver to the Secretary of State for filing a statement of termination that states: (1) the name of the enterprise; (2) the date of filing of its initial articles of organization; and (3) that the enterprise is terminated. […]
§ 1206. Winding up
§ 1206. Winding up (a) A mutual benefit enterprise continues after dissolution only for purposes of winding up its activities. (b) In winding up a mutual benefit enterprise’s activities, the board of directors shall cause the enterprise to: (1) discharge its liabilities, settle and close its activities, and marshal and distribute its assets; (2) preserve […]
§ 1207. Distribution of assets in winding up mutual benefit enterprise
§ 1207. Distribution of assets in winding up mutual benefit enterprise (a) In winding up a mutual benefit enterprise’s business, the enterprise shall apply its assets to discharge its obligations to creditors, including members that are creditors. The enterprise shall apply any remaining assets to pay in money the net amount distributable to members in […]
§ 1208. Known claims against dissolved mutual benefit enterprise
§ 1208. Known claims against dissolved mutual benefit enterprise (a) Subject to subsection (d) of this section, a dissolved mutual benefit enterprise may dispose of the known claims against it by following the procedure in subsections (b) and (c) of this section. (b) A dissolved mutual benefit enterprise shall notify its known claimants of the […]
§ 1209. Other claims against dissolved mutual benefit enterprise
§ 1209. Other claims against dissolved mutual benefit enterprise (a) A dissolved mutual benefit enterprise may publish notice of its dissolution and request persons having claims against the enterprise to present them in accordance with the notice. (b) A notice under subsection (a) of this section shall: (1) be published at least once in a […]
§ 1210. Court proceeding
§ 1210. Court proceeding (a) Upon application by a dissolved mutual benefit enterprise that has published a notice under section 1209 of this title, the Superior Court in the county where the enterprise’s principal office is located or, if the enterprise does not have a principal office in this State where its designated office in […]
§ 1201. Dissolution and winding up
§ 1201. Dissolution and winding up A mutual benefit enterprise is dissolved only as provided in this article and upon dissolution winds up in accordance with this article. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)