Virginia § 13.1-908.3 Director duties

Virginia Statutes

§ 13.1-908.3 — Director duties

Virginia § 13.1-908.3

Title 13.1CORPORATIONS

Ch. 10VIRGINIA NONSTOCK CORPORATION ACT

Art. 13DISSOLUTION

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Bluebook

Va. Code Ann. § 13.1-908.3 (2026).

Text

A.The board of directors shall cause the dissolved corporation to apply its remaining assets to discharge or make reasonable provision for the payment of claims and make distributions of assets to members after payment or provision for claims.

B.Directors of a dissolved corporation that has disposed of claims under § 13.1-908, 13.1-908.1, or 13.1-908.2 shall not be liable for breach of subsection A with respect to claims against the dissolved corporation that are barred or satisfied under § 13.1-908, 13.1-908.1, or 13.1-908.2.

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A. The board of directors shall cause the dissolved corporation to apply its remaining assets to discharge or make reasonable provision for the payment of claims and make distributions of assets to members after payment or provision for claims.

B. Directors of a dissolved corporation that has disposed of claims under § 13.1-908, 13.1-908.1, or 13.1-908.2 shall not be liable for breach of subsection A with respect to claims against the dissolved corporation that are barred or satisfied under § 13.1-908, 13.1-908.1, or 13.1-908.2.