South Dakota § 47-1A-1405 Effect of dissolution.

South Dakota Statutes

§ 47-1A-1405 — Effect of dissolution.

South Dakota·Title 47 CORPORATIONS·Ch. 47-1 SOUTH DAKOTA BUSINESS CORPORATION ACT

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.

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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.

South Dakota § 47-1A-1405 (Effect of dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.