17-6810. Same; payment of corporate debts; distribution to stockholders. - Kansas Statutes

17-6810

Chapter 17.--CORPORATIONS Article 68.--DISSOLUTION AND DISPOSITION OF CORPORATE ASSETS

      17-6810.   Same; payment of corporate debts; distribution to stockholders. The directors or, if appointed by the district court, the receivers of a dissolved corporation, after payment of all allowances, expenses and costs, and the satisfaction of all special and general liens upon the funds of the corporation to the extent of their lawful priority, shall pay the other debts due from the corporation, if the funds in their hands shall be sufficient therefor, and if not, they shall distribute the same ratably among all the creditors who shall prove their debts in the manner that shall be directed by an order or decree of the court for that purpose. If there shall be any balance remaining after the payment of the debts and necessary expenses, they shall distribute and pay the same to and among those who shall be justly entitled thereto, as having been stockholders of the corporation or their legal representatives.

      History:   L. 1972, ch. 52, § 100; L. 2004, ch. 143, § 61; Jan. 1, 2005.