§ 7-1.2-1325 - Continuation of certain corporate powers. - Rhode Island Statutes

SECTION 7-1.2-1325

   § 7-1.2-1325  Continuation of certaincorporate powers. – Any corporation dissolved in any manner under this chapter or any corporationwhose existence is terminated under § 44-12-8 or any corporation whosearticles of incorporation are revoked by the secretary of state under §7-1.2-1310 nevertheless continues for five (5) years after the date of thedissolution, termination, or revocation for the purpose of enabling it tosettle and close its affairs, to dispose of and convey its property, todischarge its liabilities, and to distribute its assets, but not for thepurpose of continuing the business for which it was organized. Theshareholders, directors, and officers have power to take any corporate or otheraction that is appropriate to carry out the purposes of this section.