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(a) Once dissolved, a corporation cannot carry on any business except that appropriate to wind up corporate affairs and liquidate its assets.

(b) Liquidation of assets can include:

(1) Conducting an inventory of assets;

(2) Gathering all assets at a single location and, in the case of financial assets, generating a final statement of accounts;

(3) Disposing of property that will not be distributed in kind to shareholders;

(4) Disposing of property of the Tribe in accordance with procedures established by the Tribal Council;

(5) Making provisions for discharging liabilities;

(6) Distributing remaining property among shareholders according to their interest.

(c) Dissolution of a corporation does not:

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

(2) Transfer title to the Tribe’s property controlled by the corporation;

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

(4) Subject its directors or officers to standards of conduct different from those prescribed under this Code;

(5) Change quorum or voting requirements for its board of directors or shareholders;

(6) Change provisions for selection, resignation, or removal of directors or officers;

(7) Change provisions for amending its bylaws;

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

(9) Abate or suspend a proceeding pending by, or against, the corporation in its corporate name; or terminate the authority of the registered agent of the corporation. [Ord. 18 Part V § 4, adopted, 10/7/2008.]