{"data":{"id":"us-vt/11a-v.s.a.-14.05","jurisdiction":"us-vt","citation":"11A V.S.A. § 14.05","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 chapter 8 of this title;\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 for service of process of the corporation.","path":["Title 11A: Vermont Business Corporations","Chapter 014: Dissolution","Subchapter 001: VOLUNTARY DISSOLUTION"],"source_url":"https://legislature.vermont.gov/statutes/fullchapter/11A/014","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T16:09:36Z","sha256":"45451b4640378c72604924f54bb15fed96a5f6457b69a398d164bb5013871e8c","source_id":"us-vt","stale":false,"prev":"us-vt/11a-v.s.a.-14.04","next":"us-vt/11a-v.s.a.-14.06"},"notice":"GroundRules: Original legal text. Not legal advice."}