2006 Kentucky Revised Statutes - .050   Effect of dissolution.

271B.14-050 Effect of dissolution. (1) A dissolved corporation shall continue its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including: (a)  Collecting its assets; (b)  Disposing of its properties that will not be distributed in kind to its shareholders; (c)  Discharging or making provision for discharging its liabilities; (d)  Distributing its remaining property among its shareholders according to their interests; and (e)  Doing every other act necessary to wind up and liquidate its business and affairs. (2) Dissolution of a corporation shall not: (a)  Transfer title to the corporation's property; (b)  Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records; (c)  Subject its directors or officers to standards of conduct different from those prescribed in Subtitle 8; (d)  Change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws; (e)  Prevent commencement of a proceeding by or against the corporation in its corporate name; (f)  Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; (g)  Terminate the authority of the registered agent of the corporation; or (h)  Alter the obligations and responsibilities of the corporation as prescribed by applicable federal or state law with regard to the filing or examination of all federal and state tax returns or the payment, assessment, or collection of any federal or state tax due with respect to those returns. Effective: January 1, 1989 History: Created 1988 Ky. Acts ch. 23, sec. 141, effective January 1, 1989.