Oklahoma § 18-1099 - Continuation of corporation after dissolution for

§ 18-1099. Continuation of corporation after dissolution for

purposes of suit and winding up affairs.

CONTINUATION OF CORPORATION AFTER DISSOLUTION FOR PURPOSES OF SUIT

AND WINDING UP AFFAIRS

All corporations, whether they expire by their own limitation or

are otherwise dissolved, nevertheless shall be continued, for the

term of three (3) years from such expiration or dissolution or for

such longer period as the district court shall in its discretion

direct, bodies corporate for the purpose of prosecuting and

defending suits, whether civil, criminal or administrative, by or

against them, and of enabling them gradually to settle and close

their business, to dispose of and convey their property, to

discharge their liabilities, and to distribute to their shareholders

any remaining assets, but not for the purpose of continuing the

business for which the corporation was organized. With respect to

any action, suit, or proceeding begun by or against the corporation

either prior to or within three (3) years after the date of its

expiration or dissolution, the action shall not abate by reason of

the expiration or dissolution of the corporation. The corporation,

Oklahoma Statutes - Title 18. Corporations

solely for the purpose of such action, suit or proceeding, shall be

continued as a body corporate beyond the three-year period and until

any judgments, orders or decrees therein shall be fully executed,

without the necessity for any special direction to that effect by

the district court. Sections 1100 through 1100.3 of this title

shall apply to any corporation that has expired by its own

limitation, and when so applied, all references in those sections to

a dissolved corporation or dissolution shall include a corporation

that has expired by its own limitation and to such expiration

respectively.

Added by Laws 1986, c. 292, § 99, eff. Nov. 1, 1986. Amended by

Laws 1988, c. 323, § 23, eff. Nov. 1, 1988; Laws 2017, c. 323, § 29,

eff. Nov. 1, 2017.