§ 29-312.05 — Effect of dissolution.

District of Columbia § 29-312.05

• Jurisdiction: District of Columbia
• Title 29: Business Organizations. [Enacted title]
• Ch. 3: Business Corporations.
• Subch. XII: Dissolution.
• Part A: Voluntary Dissolution.

Text

(a) A dissolved corporation continues its corporate existence but shall not carry on any activities 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 activities and affairs.

(b) Dissolution of a corporation shall 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 subchapter VI of this chapter ;

(4) Change:

(A) Quorum or voting requirements for its board of directors or shareholders;

(B) Provisions for selection, resignation, or removal of its directors or officers, or both;

(C) 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.

Legislative History

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(c)(29), 59 DCR 13171