Code of Virginia § 13.1-746.3. Director duties.
94 words·~1 min read·
/va/title-13-1/chapter-9/13-1-746-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Directors shall cause the dissolved corporation to apply its remaining assets to discharge or make reasonable provision for the payment of claims and make distributions in liquidation of assets to shareholders after payment or provision for claims.
B. Directors of a dissolved corporation that has disposed of claims under § 13.1-746 , 13.1-746.1 or 13.1-746.2 shall not be liable for breach of subsection A with respect to claims against the dissolved corporation that are barred or satisfied under § 13.1-746 , 13.1-746.1 or 13.1-746.2 .
2005, c. 765 ; 2019, c. 734 .