8.25.040 Effect of dissolution.
(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.]