§ 55A-14-06. Effect of dissolution.

198 words·~1 min read·/nc/chapter-55a/55a-14-06

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A dissolved corporation continues its corporate existence but shall not carry on any activities except those appropriate to wind up and liquidate its affairs, including:

(1)Preserving and protecting its assets;

(2)Discharging or making provision for discharging its liabilities and obligations;

(3)Disposing of its remaining assets in accordance with its plan of dissolution; and

(4)Doing every other act necessary to wind up and liquidate its assets and affairs.

(b)Dissolution of a corporation does not:

(1)Transfer title to the corporation's property;

(2)Subject its directors or officers to standards of conduct different from those prescribed in Article 8 of this Chapter;

(3)Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;

(4)Prevent commencement of a proceeding by or against the corporation in its corporate name;

(5)Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or

(6)Terminate the authority of the registered agent of the corporation. (1955, c. 1230; 1993, c. 398, s. 1.)