(a) Any corporation may elect voluntarily to wind up and dissolve by the vote of shareholders holding shares representing 50 percent or more of the voting power.
(b) Any corporation which comes within one of the following descriptions may elect by approval by the board to wind up and dissolve:
(1) A corporation as to which an order for relief has been entered under Chapter 7 of the federal bankruptcy law.
(2) A corporation which has disposed of all of its assets and has not conducted any business for a period of five years immediately preceding the adoption of the resolution electing to dissolve the corporation.
(3) A corporation which has issued no shares.
(Amended by Stats. 1980, Ch. 501.)
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