Section 14-2-1405. Effect of notice of intent to dissolve

Latest version.

   A corporation that has filed a notice of intent to dissolve 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.

Code 1981, § 14-2-1405, enacted by Ga. L. 1988, p. 1070, § 1.

                    
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