13.1-746.3 - Director duties. - Virginia Statutes

§ 13.1-746.3. Director duties.

A. The board of directors shall cause the dissolved corporation to apply itsremaining assets to discharge or make reasonable provision for the payment ofclaims and make distributions of assets to shareholders after payment orprovision for claims.

B. Directors of a dissolved corporation that has disposed of claims under §13.1-746, 13.1-746.1 or 13.1-746.2 shall not be liable for breach ofsubsection A with respect to claims against the dissolved corporation thatare barred or satisfied under § 13.1-746, 13.1-746.1 or 13.1-746.2.

(2005, c. 765.)