47-1A-1405. Effect of dissolution.

A dissolved corporation continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including:

(1)    Collecting its assets;

(2)    Disposing of its properties that will not be distributed in kind to its shareholders;

(3)    Discharging or making provision for discharging its liabilities;

(4)    Distributing its remaining property among its shareholders according to their interests; and

(5)    Doing every other act necessary to wind up and liquidate its business and affairs.

Source: SL 2005, ch 239, § 316.