Idaho § 30-30-1004 EFFECT OF DISSOLUTION

Idaho Statutes

§ 30-30-1004 — EFFECT OF DISSOLUTION

Idaho·Title 30 CORPORATIONS·Part 10 DISSOLUTION·Ch. 30 IDAHO NONPROFIT CORPORATION ACT

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

(a)Preserving and protecting its assets and minimizing its liabilities;

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

(c)Disposing of its properties that will not be distributed in kind;

(d)Returning, transferring or conveying assets held by the corporation upon a condition requiring return, transfer or conveyance, which condition occurs by reason of the dissolution, in accordance with such condition;

(e)Transferring, subject to any contractual or legal requirements, its assets as provided in or authorized by its articles of incorporation or bylaws;

(f)If no provision has been

Free access — add to your briefcase to read the full text and ask questions with AI

(1) A dissolved corporation continues its corporate existence but may not carry on any activities except those appropriate to wind up and liquidate its affairs, including:
(a) Preserving and protecting its assets and minimizing its liabilities;
(b) Discharging or making provision for discharging its liabilities and obligations;
(c) Disposing of its properties that will not be distributed in kind;
(d) Returning, transferring or conveying assets held by the corporation upon a condition requiring return, transfer or conveyance, which condition occurs by reason of the dissolution, in accordance with such condition;
(e) Transferring, subject to any contractual or legal requirements, its assets as provided in or authorized by its articles of incorporation or bylaws;
(f) If no provision has been made in its articles or bylaws for distribution of assets on dissolution, it may transfer, subject to any contractual or legal requirement, its assets:
(i) To one (1) or more persons described in section 501(c)(3) of the Internal Revenue Code; or
(ii) To its members or, if it has no members, to those persons whom the corporation holds itself out as benefiting or serving; and
(g) Doing every other act necessary to wind up and liquidate its assets and affairs.
(2) Dissolution of a corporation does not:
(a) Transfer title to the corporation’s property;
(b) Subject its directors or officers to standards of conduct different from those prescribed in sections 30-30-618 and 30-30-623, Idaho Code;
(c) Change quorum or voting requirements for its board or members; change provisions for selection, resignation or removal of its directors or officers or both; or change provisions for amending its bylaws;
(d) Prevent commencement of a proceeding by or against the corporation in its corporate name;
(e) Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or
(f) Terminate the authority of the registered agent.

Idaho § 30-30-1004 (EFFECT OF DISSOLUTION) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.