{"data":{"id":"us-la/rs-12-1-1409","jurisdiction":"us-la","citation":"RS 12:1-1409","heading":"Responsibility of the board of directors","body":"A. The board of directors of a dissolved corporation is responsible for winding up and liquidating the business and affairs of the corporation as contemplated by R.S. 12:1-1405 (A). The board of directors may authorize a distribution to shareholders only after the corporation pays, or makes reasonable provision to pay, all obligations owed by the corporation as contemplated by R.S. 12:1-1405(A).\nB. Directors of a dissolved corporation which has disposed of claims under R.S. 12:1-1406, 1-1407, or 1-1408 shall not be liable for breach of Subsection A of this Section with respect to claims against the dissolved corporation that are barred or satisfied under R.S. 12:1-1406, 1-1407, or 1-1408.","path":["TITLE 12. CORPORATIONS AND ASSOCIATIONS"],"source_url":"https://www.legis.la.gov/legis/Law.aspx?d=920439","current_through":"2025 First Extraordinary Session","vintage":"","retrieved_at":"2026-09-14T04:50:54Z","sha256":"51cadf368759080d70e880ebe858f846007b209dd57cd6ae5574221521124050","source_id":"us-la","stale":false,"prev":"us-la/rs-12-1-1408","next":"us-la/rs-12-1-141"},"notice":"GroundRules: Original legal text. Not legal advice."}