Section 136Sec./Art. 136

Dissolution by Shortening Corporation Term. - A voluntary dissolution may be effected by amending the articles of incorporation to shorten the corporate term pursuant to the provisions of this Code. A copy of the amended articles of incorporation shall be submitted to the Commission in accordance with this Code.

Upon the expiration of the shortened term, as stated in the approved amended articles of incorporation, the corporation shall be deemed dissolve without any further proceedings, subject to the provisions of this Code on liquidation.

In the case of expiration of corporate term, dissolution shall automatically take effect on the day of the following the last day of the corporate term stated in the articles of incorporation without the need for the issuance by the Commission of a certificate of dissolution.