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.) COMMENT This section is based on section 14-2-1405 of the Business Code. It contains additional language in subsections (2) and (4) reflecting the requirement of section 14-3-1403 that a plan of dissolution must be adopted. 740 14-3-1407