16. The enterprise registrar, upon petition by the corporation, authorized by its visitor if it has one, may, on the conditions he determines, declare such corporation dissolved. Such dissolution shall take effect from the date mentioned in the notice deposited by the enterprise registrar in the register. Such notice shall be drawn up according to Form 1 and shall itself be evidence of its content.
In case of dissolution, no member of the corporation may participate in the division of the property of the corporation and such property shall vest in the non-profit corporation governed by this Act or by another general law or a special Act and designated in the petition for dissolution.
The corporation which has accepted the property so vested shall be seized, from the date of the dissolution, with the rights, property and obligations of the dissolved corporation, and all proceedings that might have been commenced or continued by or against the dissolved corporation may be commenced or continued by or against the succeeding corporation.
1971, c. 75, s. 16; 1982, c. 52, s. 190; 1993, c. 48, s. 402; 2002, c. 45, s. 339.