TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 3. Nonprofit Corporations, 14-3-101 through 14-3-1703.

ARTICLE 14 DISSOLUTION

14-3-1406. Effect of notice of intent to dissolve.

A corporation that has filed a notice of intent to dissolve 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 in accordance with the plan of dissolution;
3. Discharging or making provision for discharging its liabilities;
4. Distributing its remaining property among its members in accordance with the plan of dissolution; and
5. Doing every other act necessary to wind up and liquidate its business and affairs.

(Code 1981, §14-3-1406, enacted by Ga. L. 1991, p. 465, § 1.)