§ 53-16-6 — Procedure after filing of statement of intent to dissolve

After the filing by the commission [secretary of state] of a statement of intent to dissolve, the corporation: A. shall immediately cause notice thereof to be mailed to each known creditor of the corporation; B. shall proceed to collect its assets, convey and dispose of such of its properties as are not to be distributed in kind to its shareholders, pay, satisfy and discharge its liabilities and obligations and do all other acts required to liquidate its business and affairs, and, after paying or adequately providing for the payment of all its obligations, distribute the remainder of its assets, either in cash or in kind, among its shareholders according to their respective rights and interests; and C. at any time during the liquidation of its business and affairs, may make application to a court of competent jurisdiction within the county in which the registered office or principal place of business of the corporation is situated, to have the liquidation continued under the supervision of the court as provided in the Business Corporation Act.

Legislative History

1953 Comp., § 51-29-6, enacted by Laws 1967, ch. 81, § 84.