(a)        A dissolved corporation 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.

(b)        Dissolution of a corporation does not:

(1)        Transfer title to the corporation’s property;

(2)        Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation’s share transfer records;

(3)        Subject its directors or officers to standards of conduct different from those prescribed in Article 8;

(4)        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;

(5)        Prevent commencement of a proceeding by or against the corporation in its corporate name;

(6)        Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or

(7)        Terminate the authority of the registered agent of the corporation.

(c)        After the end of the tax year in which dissolution occurs, a dissolved corporation is not subject to the annual franchise tax unless it engages in business activities not appropriate to winding up and liquidating its business and affairs as permitted by subsection (a). (1955, c. 1371, s. 1; 1973, c. 469, ss. 39, 40, c. 476, s. 193; 1989, c. 265, s. 1.)