Board Resolution: Plan of Dissolution and Distribution of Assets
(NY Not-for-Profit Corporation)

Summary

This board resolution to approve a corporation's plan of dissolution and distribution of assets template may be used in connection with the dissolution of a New York not-for-profit corporation. This template includes practical guidance and drafting notes. After adopting a plan of dissolution and distribution of assets, the board must submit it for approval to any members entitled to vote on the plan. N.Y. Not-for-Profit Corp. Law § 1002(a). Notice of the meeting on approval of the plan must be sent by certified mail, return receipt requested to all members entitled to vote, not less than 30, nor more than 60, days before the meeting date. N.Y. Not-for-Profit Corp. Law § 1002(a). For a full listing of key content covering Not-For-Profit Corporation formation, organization, tax considerations, maintenance, ownership, management, dissolution, and state-specific guidance, see Not-for-Profit Corporations Resource Kit. For further information on dissolution of a New York not-for-profit corporation, see Not-for-Profit Corporations (NY) — Dissolution.