06.10.030 Effect of Dissolution.
(1) A dissolved corporation continues its corporate existence but becomes administrated by the Economic Development and Operations Department in order to wind up and liquidate the former corporation’s business and affairs, including:
(A) ecting its assets;
(B) 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.
(2) Dissolution of a corporation does 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 Chapter 06.08.110 and 06.08.150;
(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 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 in its corporate name; or
(G) Terminate the authority of the registered agent of the corporation.