Virginia § 13.1-906 Effect of dissolution

Virginia Statutes

§ 13.1-906 — Effect of dissolution

Virginia § 13.1-906

Title 13.1CORPORATIONS

Ch. 10VIRGINIA NONSTOCK CORPORATION ACT

Art. 13DISSOLUTION

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Bluebook

Va. Code Ann. § 13.1-906 (2026).

Text

A.A dissolved corporation continues its corporate existence but may not transact any business except that appropriate to wind up and liquidate its business and affairs, including:

1.Collecting its assets;

2.Disposing of its properties;

3.Discharging or making provision for discharging its liabilities;

4.Distributing its remaining property; and

5.Doing every other act necessary to wind up and liquidate its business and affairs.

B.Dissolution of a corporation does not:

1.Transfer title to the corporation's property;

2.Subject its directors to standards of conduct different from those prescribed in § 13.1-870;

3.Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers; o

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A. A dissolved corporation continues its corporate existence but may not transact any business except that appropriate to wind up and liquidate its business and affairs, including:

1. Collecting its assets;

2. Disposing of its properties;

3. Discharging or making provision for discharging its liabilities;

4. Distributing its remaining property; and

5. Doing every other act necessary to wind up and liquidate its business and affairs.

B. Dissolution of a corporation does not:

1. Transfer title to the corporation's property;

2. Subject its directors to standards of conduct different from those prescribed in § 13.1-870;

3. Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers; or change provisions for amending its bylaws;

4. Prevent commencement of a proceeding by or against the corporation in its corporate name;

5. Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or

6. Terminate the authority of the registered agent of the corporation.