47-1A-1405.1. Limitations on effect of dissolution.
135 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-1405-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Dissolution of a corporation does not:
(1)Transfer title to the corporation's property;
(2)Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records;
(3)Subject its directors or officers to standards of conduct different from those prescribed in §§ 47-1A-801 to 47-1A-863.3 , inclusive;
(4)Change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;
(5)Prevent commencement of a proceeding by or against the corporation in its corporate name;
(6)Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or
(7)Terminate the authority of the registered agent of the corporation.