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To: Still Thinking
What’s to stop then from dissolving and forming a new TX (or wherever) corporation.

An ordinary, for-profit corporation can dissolve and re-incorporate only with a vote of the shareholders. The N.R.A. is a not-for-profit corporation, formed under New York law, and does not have any shareholders. Therefore, under New York law, it can dissolve and re-incorporate only with the approval of a New York court and after notice to the State Attorney General, who can oppose the application to the court. (I once handled a case involving a not-for-profit hospital that wanted to dissolve and sell its building to a real-estate developer; the AG opposed the plan and the court didn't approve it.)

Here, the New York AG has a pending case against the NRA; the NRA tried to get around that case by filing in Bankruptcy Court. The Bankruptcy Court turned them down.

11 posted on 05/13/2021 1:44:43 PM PDT by Lurking Libertarian (Non sub homine, sed sub Deo et lege)
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To: Lurking Libertarian

Thanks for the education, that’s interesting and good to know! :)


12 posted on 05/13/2021 4:34:22 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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