Assming the coy bought all its own shares, if it canceled all but 1 - ok simple, it is the sole shareholder.
Even if it cancelled the last share it would still be the last beneficial owner in the (internal) registry.
It would have no statutory requirement to earn a profit.
Would still have to maintain solvency, but if it did that, then yes, mgt could do as they chose with no recourse from members.
