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[QUOTE="JimBoston, post: 4667305, member: 1312"]
I'm going to preface this post by saying I do not know what the ACC corporate by-laws say or if they are incorporated in and/or governed by the laws of North Carolina.  Here is the general statute as it relates to dissolving a corporation in North Carolina:

§ 55A‑14‑02.� Dissolution by directors, members, and third persons.

(a)������ Unless this Chapter, the articles of incorporation, bylaws, or the board of directors or members (acting pursuant to subsection (c) of this section) require a greater vote or voting by class, dissolution is authorized if a plan of dissolution meeting the requirements of G.S. 55A‑14‑03 is approved:

(1)������ By the board;

(2)������ By the members entitled to vote thereon, if any, by two‑thirds of the votes cast or a majority of the votes entitled to be cast on the plan of dissolution, whichever is less; and

(3)������ In writing by any person or persons whose approval is required by a provision of the articles of incorporation authorized by G.S. 55A‑10‑30 for an amendment to the articles of incorporation or bylaws.

[URL="https://law.justia.com/codes/north-carolina/2005/chapter_55a/article_14.html#:~:text=(b)%EF%BF%BD%EF%BF%BD%EF%BF%BD%EF%BF%BD%EF%BF%BD%EF%BF%BD%20If%20the%20corporation,such%20approval%20will%20be%20considered"]2005 North Carolina Code - :: General Statutes Article 14 - Dissolution.[/URL].

So, it would seem that a North Carolina corporation (point 2 above) can be dissolved by 2/3 of the votes cast or a majority of the votes entitled to be cast on the plan.  That would seem to say that the majority of the members of a corporation can dissolve the corporation.

People have focused on getting out of GORs, but dissolving the corporation may be the way around the GORs.  The reason why this approach couldn't work in the Big 12 is only 2 schools wanted to leave.
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