Arizona § 10-1405 - Effect of dissolution
Full text of Arizona Arizona Revised Statutes § 10-1405 — Effect of dissolution, with citation guidance and answers to common questions.
§ 10-1405. Effect of dissolution
A. A dissolved corporation continues its corporate existence but shall not carry on any business except that business 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 to its shareholders.
3. Discharging or making provisions for discharging its liabilities.
4. Distributing its remaining property among its shareholders according to their interests.
5. Doing every other act necessary to wind up and liquidate its business and affairs.
B. Dissolution of a corporation does not:
1. Transfer title to the corporation's property.
2. Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records.
3. Subject its directors or officers to standards of conduct different from those prescribed in chapter 8 of this title.
4. 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.
5. Prevent commencement of a proceeding by or against the corporation in its corporate name or any officers, directors or shareholders or affect applicable statutes of limitation.
6. Abate or suspend a proceeding pending by or against the corporation or any officers, directors or shareholders on the effective date of dissolution.
7. Terminate the authority of the statutory agent of the corporation.
Frequently Asked Questions About Arizona § 10-1405
What does Arizona Revised Statutes § 10-1405 cover?
Section 10-1405 ("Effect of dissolution") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 10-1405?
A common citation format is "Arizona Revised Statutes § 10-1405" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 10-1405 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.