§ 55-14-04. Revocation of dissolution. - North Carolina Statutes

§55‑14‑04.  Revocation of dissolution.

(a)        A corporation mayrevoke its dissolution within 120 days after its effective date.

(b)        Revocation ofdissolution must be authorized in the same manner as the dissolution wasauthorized unless an authorization under G.S. 55‑14‑02 permittedrevocation by action of the board of directors alone, in which event the boardof directors may revoke the dissolution without shareholder action.

(c)        After therevocation of dissolution is authorized, the corporation may revoke thedissolution by delivering to the Secretary of State for filing articles ofrevocation of dissolution, together with a copy of its articles of dissolution,that set forth:

(1)        The name of thecorporation;

(2)        The effective dateof the dissolution that was revoked;

(3)        The date that therevocation of dissolution was authorized;

(4)        If the corporation'sboard of directors (or incorporators) revoked the dissolution, a statement tothat effect;

(5)        If the corporation'sboard of directors revoked a dissolution authorized by the shareholders, astatement that revocation was permitted by action by the board of directorsalone pursuant to that authorization; and

(6)        If shareholderaction was required to revoke the dissolution, the information required by G.S.55‑14‑03(a)(3) or (4) with respect to the revocation.

(d)        Revocation ofdissolution is effective upon the effective date of the articles of revocationof dissolution.

(e)        When the revocationof dissolution is effective, it relates back to and takes effect as of theeffective date of the dissolution and the corporation resumes carrying on itsbusiness as if dissolution had never occurred, subject to the rights of anyperson who reasonably relied to his prejudice upon the filing of the articlesof dissolution. (1955, c. 1371, s. 1; 1989, c. 265, s. 1.)