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(1) A dissolved corporation continues its corporate existence but may not carry on any business except as is 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 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 article 108 of this title;
(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 or its articles of incorporation;
(e) Prevent commencement of a proceeding by or against the corporation in its name; or
(f) Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 7. Corporations and Associations § 7-114-105. Effect of dissolution - last updated January 01, 2019 | https://codes.findlaw.com/co/title-7-corporations-and-associations/co-rev-st-sect-7-114-105.html
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