16-6a-1418. Dissolution upon
expiration of period of duration.
(1) A nonprofit corporation shall be dissolved upon and by
reason of the expiration of its period of duration, if any, stated in its
articles of incorporation.
(2) For purposes of this section:
(a) a provision in the articles of incorporation is
considered a provision for a period of duration if it is to the effect that the
nonprofit corporation or its existence shall be terminated:
(i) at a
specified date;
(ii) after
a stated period of time;
(iii) upon
a contingency; or
(iv) any
event similar to those described in Subsections (2)(a)(i) through (iii); and
(b) the following shall be considered to be the
expiration of the nonprofit corporation's period of duration:
(i) the
occurrence of the specified date;
(ii) the
expiration of the stated period of time;
(iii) the
occurrence of the contingency; or
(iv) the
satisfaction of the provision described in Subsection (2)(a)(iv).
Enacted by Chapter 300, 2000 General Session