North Carolina General Statutes 55A-14-06. Effect of dissolution
(a) A dissolved corporation continues its corporate existence but shall not carry on any activities except those appropriate to wind up and liquidate its affairs, including:
(1) Preserving and protecting its assets;
Terms Used In North Carolina General Statutes 55A-14-06
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Quorum: The number of legislators that must be present to do business.
(2) Discharging or making provision for discharging its liabilities and obligations;
(3) Disposing of its remaining assets in accordance with its plan of dissolution; and
(4) Doing every other act necessary to wind up and liquidate its assets and affairs.
(b) Dissolution of a corporation does not:
(1) Transfer title to the corporation’s property;
(2) Subject its directors or officers to standards of conduct different from those prescribed in Article 8 of this Chapter;
(3) Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;
(4) Prevent commencement of a proceeding by or against the corporation in its corporate name;
(5) Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or
(6) Terminate the authority of the registered agent of the corporation. (1955, c. 1230; 1993, c. 398, s. 1.)