§ 564-F:20-2005 — Effect of Dissolution

(a) A dissolved foundation continues its existence as a legal entity but may not engage in any activities except to the extent necessary or appropriate to wind up its affairs, including:
(1) Collecting its property;
(2) Disposing of its property that will not be distributed in kind to its beneficiaries or in furtherance of its purposes;
(3) Discharging or making provision for discharging its liabilities; and
(4) Distributing its remaining property to its beneficiaries or in furtherance of its purposes in accordance with the governing documents.
(b) A foundation's dissolution does not:
(1) Transfer title to the foundation's property;
(2) Subject its directors to duties different from those prescribed in article 11;
(3) Subject its protectors to duties different from those prescribed in article 13;
(4) Change the provisions for appointment, resignation, or removal of the foundation officials;
(5) Change the provisions for amending its governing documents;
(6) Prevent commencement of a judicial proceeding by or against the foundation in the foundation's name;
(7) Abate or suspend a judicial proceeding pending by or against the foundation on the dissolution's effective date; or
(8) Terminate the authority of the foundation's registered agent.

Legislative History

2017, 257:47, eff. Oct. 1, 2017.