Extraordinary Resolution of Dissolution of Society - Northwest Territories, Canada

An Extraordinary Resolution of Dissolution of Society in the Northwest Territories, Canada, is a legal process that is used to officially dissolve a society or nonprofit organization. This usually occurs when the members of the society have decided to cease its operations or when the society has completed its intended purpose. The extraordinary resolution is a formal document that outlines the decision of the society members to dissolve the organization and ceases its legal existence. It is an important step in the process of winding up the affairs of the society and ensuring the proper distribution of its assets, liabilities, and funds.

In Northwest Territories, Canada, the extraordinary resolution of dissolution of a society is typically filed by the society itself. The society's board of directors or governing body is responsible for initiating and passing the resolution, and subsequently filing it with the appropriate government authorities.

FAQ

Q: What is an extraordinary resolution of dissolution of society in Northwest Territories, Canada?
A: An extraordinary resolution of dissolution of society is a legal process in Northwest Territories, Canada, through which a society (non-profit organization) decides to voluntarily terminate its existence.

Q: How can a society in Northwest Territories dissolve itself?
A: In order to dissolve a society in Northwest Territories, the members of the society must pass an extraordinary resolution at a general meeting. This resolution must be passed by a two-thirds majority vote of the members present.

Q: What are the reasons for voluntary dissolution of a society in Northwest Territories?
A: There can be various reasons for a society to choose voluntary dissolution, such as achieving the purpose for which the society was formed, lack of funds or resources, inability to carry out the objectives of the society, or any other valid reason decided by the members.

Q: What are the steps involved in the voluntary dissolution process of a society in Northwest Territories?
A: The steps involved in the voluntary dissolution of a society in Northwest Territories include:

Q: Are there any legal obligations or requirements that a society must fulfill during the dissolution process in Northwest Territories?
A: Yes, during the dissolution process, a society must settle all outstanding debts and liabilities, distribute its remaining assets and funds in accordance with its bylaws or the law, and properly notify all relevant parties about its dissolution. The society must also file the necessary documents with the Corporate Registries office.

Q: Can the members or directors of a dissolved society in Northwest Territories be held personally liable for the debts or obligations of the society?
A: Generally, the members or directors of a dissolved society are not personally liable for the debts or obligations of the society. However, if the members or directors have engaged in fraudulent activities or acted outside the legal scope of their authority, they may be held personally liable.

Q: How long does the voluntary dissolution process of a society in Northwest Territories usually take?
A: The timeline for the voluntary dissolution process of a society in Northwest Territories can vary depending on various factors, including the complexity of the society's affairs and the efficiency of the process. Typically, it may take several weeks to several months to complete the dissolution process.

Q: What happens to the remaining assets of a dissolved society in Northwest Territories?
A: The remaining assets of a dissolved society in Northwest Territories are typically distributed to other eligible non-profit organizations or charities that have similar objectives or purposes. The specific distribution of the assets should be determined by the society's bylaws or through a resolution by the members.