Dissolution Clause (Public Benefit Corporation, Non-Charity) (Articles of Incorporation) (ONCA)

Summary

The clause is used in the articles of incorporation of the non-public benefit corporation, and provides instructions for the distribution of property and revenue in the event that the corporation is dissolved. Under the ONCA, a corporation may be voluntarily dissolved if it is authorized to do so by (a) special resolution passed at a meeting of members duly called for that purpose, or (b) the consent of all members entitled to vote at a meeting of the members, but it can also be dissolved by order of the Director (ONCA, s. 166 and 170). For a sample dissolution clause for a public benefit corporation that is a charity, see the Dissolution Clause (Public Benefit Corporation, Charity) (Articles of Incorporation) (ONCA). For a sample clause for a non-public benefit corporation, see the Dissolution Clause (Non-Public Benefit Corporation) (Articles of Incorporation) (ONCA).