{"data":{"id":"us-ar/ark.-code-ann.-4-27-1405","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 4-27-1405","heading":"Effect of dissolution.","body":"(a) A dissolved corporation continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including:\n(1) collecting its assets;\n(2) disposing of its properties that will not be distributed in kind to its shareholders;\n(3) discharging or making provision for discharging its liabilities;\n(4) distributing its remaining property among its shareholders according to their interests; and\n(5) doing every other act necessary to wind up and liquidate its business and affairs.\n(b) Dissolution of a corporation does not:\n(1) transfer title to the corporation's property;\n(2) prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records;\n(3) subject its directors or officers to standards of conduct different from those prescribed in § 4-27-801 et seq.;\n(4) change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;\n(5) prevent commencement of a proceeding by or against the corporation in its corporate name;\n(6) abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or\n(7) terminate the authority of the registered agent of the corporation.","path":["Title 4 Business and Commercial Law","Subtitle 3. Corporations and Associations","Chapter 27 Business Corporation Act of 1987","Subchapter 14 — Dissolution","Part A: Voluntary Dissolution"],"source_url":"https://archive.org/download/gov.ar.code/release78.2020.11.06/gov.ar.code.title.04.odt","current_through":"2020-11-06","vintage":"Arkansas Code Release 78 (2020-11), retrieved 2026-09-17; absent from the newer snapshot, which serves other sections of this chapter, so it may since have been repealed or amended","retrieved_at":"2026-09-17T21:07:03Z","sha256":"5ff6152ea95965f9c2196ec97bda4b185c0e115300c646fc79a66ad5510e3d24","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-4-27-1404","next":"us-ar/ark.-code-ann.-4-27-1406"},"notice":"GroundRules: Original legal text. Not legal advice."}