§ 55-17-03. Saving provisions. - North Carolina Statutes

§55‑17‑03.  Saving provisions.

(a)        The existence ofcorporations formed before July 1, 1990, shall not be impaired by the enactmentof this Chapter nor by any change made by this Chapter in the requirements forthe formation of corporations nor by any amendment or repeal by this Chapter ofthe laws under which they were formed or created, and, except as otherwiseexpressly provided in this Chapter, the repeal of a prior act by this Chaptershall not affect any liability or penalty incurred, under the provisions ofsuch act, prior to the repeal thereof.

(b)        Any proceeding orcorporate action commenced before July 1, 1990, may be completed in accordancewith the law then in effect.

(c)        A corporationdissolved by operation of law before July 1, 1990, may wind up and liquidateits business and affairs pursuant to the provisions of Article 14 of thisChapter. (1955, c. 1371, s. 1; 1957, c. 550, s. 1; 1973, c.469, s. 1; 1989, c. 265, s. 1; 1993, c. 218, s. 1.)