Section 94Sec./Art. 94

Plan of Distribution of Assets. - A plan providing for the distribution of assets, consistent with the provisions of this Title, may be adopted by a nonstock corporation in the process of dissolution in the following manner:

(a) The board of trustees shall, by majority vote, adopt a resolution recommending a plan of distribution and directing the submission thereof to a vote at a regular or special meeting of members having voting rights;

(b) Each member entitled to vote shall be given a written notice setting forth the proposed plan of distribution or summary thereof and the date, time and place of such meeting within the time and in the manner provided in this Code for the giving of notice of meetings; and

(c) Such plan of distribution shall be adopted upon approval of at least two-thirds (2/3) of the members having voting rights present or represented by proxy at such meeting.

TITLE XII

CLOSE CORPORATIONS