Va. Code § 13.1-906: Effect of dissolution

A. A dissolved corporation continues its corporate existence but may not transact any business except that appropriate to wind up and liquidate its business and affairs, including:1. Collecting its assets;2. Disposing of its properties;3. Discharging or making provision for discharging its liabilities;4. Distributing its remaining property; and5. Doing every other act necessary to wind up and liquidate its business and affairs.B. Dissolution of a corporation does not:1. Transfer title to the corporation's property;2. Subject its directors to standards of conduct different from those prescribed in § 13.1-870;3. Change quorum or voting requirements for its board of directors or members; change provisions for selection, resignation, or removal of its directors or officers; or change provisions for amending its bylaws;4. Prevent commencement of a proceeding by or against the corporation in its corporate name;5. Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or6. Terminate the authority of the registered agent of the corporation.1985, c. 522; 2007, c. 925.