§ 48-24-108 — Articles of termination of corporate existence

(a) When a corporation has distributed all its assets to its creditors and shareholders and voluntary dissolution proceedings have not been revoked, it shall deliver to the secretary of state for filing articles of termination of corporate existence. The articles shall set forth: (1) The name of the corporation; (2) That all the assets of the corporation have been distributed to its creditors and shareholders; and (3) That the dissolution of the corporation has not been revoked. (b) If the secretary of state finds that the articles of termination of corporate existence comply with the requirements of subsection (a) and are accompanied by a tax clearance for termination or withdrawal relative to such corporation, then the secretary of state shall file the articles of termination of corporate existence. Upon such filing, the existence of the corporation shall cease, except that the termination of corporate existence shall not take away or impair any remedy to or against the corporation, its directors, officers or shareholders, for any right or claim existing or any liability incurred, prior to such termination. Any such action or proceeding by or against the corporation may be prosecuted or defended by the corporation in its corporate name. The shareholders, directors, and officers have the power to take such corporate or other action as may be appropriate to protect such remedy, right, or claim.

Legislative History

Acts 1986, ch. 887, § 14.08; 1987, ch. 273, § 38; 2010, ch. 741, § 4.