Title 7, Chapter 1, Section 956
( 7-1-956)
(a) The period of duration of the corporation shall be 35 years,
subject, however, to the right of its shareholders and the members
to dissolve the corporation prior to the expiration of said period
as provided in subsection (b) of this Code section. (b) The corporation may, upon the votes of the shareholders and the
members of the corporation, voting separately by classes, dissolve
said corporation; and such dissolution shall require approval by the
affirmative vote of two-thirds of the votes to which the
shareholders shall be entitled. Upon any dissolution of the
corporation, none of the corporation's assets shall be distributed
to the shareholders until all sums due the members of the
corporation as creditors thereof have been paid in full. |