{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-746.3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-746.3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-746.3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-746.3.html"}],"law_id":61111,"edition_id":1,"section_id":61111,"structure_id":15213,"section_number":"13.1-746.3","catch_line":"Director duties","history":"2005, c. 765; 2019, c. 734.","full_text":"A\n\nDirectors shall cause the dissolved corporation to apply its remaining assets to discharge or make reasonable provision for the payment of claims and make distributions in liquidation of assets to shareholders after payment or provision for claims.B\n\nDirectors of a dissolved corporation that has disposed of claims under &#xA7; 13.1-746, 13.1-746.1 or 13.1-746.2 shall not be liable for breach of subsection A with respect to claims against the dissolved corporation that are barred or satisfied under &#xA7; 13.1-746, 13.1-746.1 or 13.1-746.2.","order_by":null,"text":{"0":{"id":223412,"text":"Directors shall cause the dissolved corporation to apply its remaining assets to discharge or make reasonable provision for the payment of claims and make distributions in liquidation of assets to shareholders after payment or provision for claims.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":223413,"text":"Directors of a dissolved corporation that has disposed of claims under &#xA7; 13.1-746, 13.1-746.1 or 13.1-746.2 shall not be liable for breach of subsection A with respect to claims against the dissolved corporation that are barred or satisfied under &#xA7; 13.1-746, 13.1-746.1 or 13.1-746.2.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15213,"edition_id":1,"name":"Dissolution","identifier":"16","label":"article","depth":3,"order_by":1,"parent_id":12983,"metadata":{},"date_created":"2026-06-26 03:53:05","date_modified":"2026-06-26 03:53:05","permalink":{"id":150607,"object_type":"structure","relational_id":15213,"identifier":"16","token":"13.1\/9\/16","url":"\/13.1\/9\/16\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12983,"edition_id":1,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:06","date_modified":"2026-06-26 03:44:06","permalink":{"id":150163,"object_type":"structure","relational_id":12983,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78573,"structure_id":15213,"section_number":"13.1-742","catch_line":"Dissolution by directors and shareholders","url":"\/13.1-742\/","token":"13.1\/9\/16\/13.1-742","metadata":false},{"id":74323,"structure_id":15213,"section_number":"13.1-743","catch_line":"Articles of dissolution","url":"\/13.1-743\/","token":"13.1\/9\/16\/13.1-743","metadata":false},{"id":84480,"structure_id":15213,"section_number":"13.1-744","catch_line":"Revocation of dissolution","url":"\/13.1-744\/","token":"13.1\/9\/16\/13.1-744","metadata":false},{"id":64259,"structure_id":15213,"section_number":"13.1-745","catch_line":"Effect of dissolution","url":"\/13.1-745\/","token":"13.1\/9\/16\/13.1-745","metadata":false},{"id":71065,"structure_id":15213,"section_number":"13.1-746","catch_line":"Known claims against dissolved corporation","url":"\/13.1-746\/","token":"13.1\/9\/16\/13.1-746","metadata":false},{"id":80590,"structure_id":15213,"section_number":"13.1-746.1","catch_line":"Other claims against dissolved corporation","url":"\/13.1-746.1\/","token":"13.1\/9\/16\/13.1-746.1","metadata":false},{"id":65922,"structure_id":15213,"section_number":"13.1-746.2","catch_line":"Court proceedings","url":"\/13.1-746.2\/","token":"13.1\/9\/16\/13.1-746.2","metadata":false},{"id":61111,"structure_id":15213,"section_number":"13.1-746.3","catch_line":"Director duties","url":"\/13.1-746.3\/","token":"13.1\/9\/16\/13.1-746.3","metadata":false},{"id":78235,"structure_id":15213,"section_number":"13.1-747","catch_line":"Grounds for judicial dissolution","url":"\/13.1-747\/","token":"13.1\/9\/16\/13.1-747","metadata":false},{"id":66813,"structure_id":15213,"section_number":"13.1-748","catch_line":"Receivership or custodianship","url":"\/13.1-748\/","token":"13.1\/9\/16\/13.1-748","metadata":false},{"id":60460,"structure_id":15213,"section_number":"13.1-749","catch_line":"Decree of dissolution","url":"\/13.1-749\/","token":"13.1\/9\/16\/13.1-749","metadata":false},{"id":79426,"structure_id":15213,"section_number":"13.1-749.1","catch_line":"Election to purchase in lieu of dissolution","url":"\/13.1-749.1\/","token":"13.1\/9\/16\/13.1-749.1","metadata":false},{"id":74574,"structure_id":15213,"section_number":"13.1-750","catch_line":"Articles of termination of corporate existence","url":"\/13.1-750\/","token":"13.1\/9\/16\/13.1-750","metadata":false},{"id":86164,"structure_id":15213,"section_number":"13.1-751","catch_line":"Termination of corporate existence by incorporators or initial directors","url":"\/13.1-751\/","token":"13.1\/9\/16\/13.1-751","metadata":false},{"id":85358,"structure_id":15213,"section_number":"13.1-752","catch_line":"Automatic termination of corporate existence","url":"\/13.1-752\/","token":"13.1\/9\/16\/13.1-752","metadata":false},{"id":57936,"structure_id":15213,"section_number":"13.1-753","catch_line":"Involuntary termination of corporate existence","url":"\/13.1-753\/","token":"13.1\/9\/16\/13.1-753","metadata":false},{"id":70924,"structure_id":15213,"section_number":"13.1-754","catch_line":"Reinstatement of a corporation that has ceased to exist","url":"\/13.1-754\/","token":"13.1\/9\/16\/13.1-754","metadata":false},{"id":69331,"structure_id":15213,"section_number":"13.1-755","catch_line":"Survival of remedy after termination of corporate existence","url":"\/13.1-755\/","token":"13.1\/9\/16\/13.1-755","metadata":false},{"id":71024,"structure_id":15213,"section_number":"13.1-756","catch_line":"Repealed","url":"\/13.1-756\/","token":"13.1\/9\/16\/13.1-756","metadata":false}],"previous_section":{"id":65922,"structure_id":15213,"section_number":"13.1-746.2","catch_line":"Court proceedings","url":"\/13.1-746.2\/","token":"13.1\/9\/16\/13.1-746.2","metadata":false},"next_section":{"id":78235,"structure_id":15213,"section_number":"13.1-747","catch_line":"Grounds for judicial dissolution","url":"\/13.1-747\/","token":"13.1\/9\/16\/13.1-747","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-746.3\/","history_text":"<p>This law was first created in 2005. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?051+ful+CHAP0765\">765<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0734\">734<\/a>.<\/p>","references":false,"refers_to":[{"id":71065,"section_number":"13.1-746","catch_line":"Known claims against dissolved corporation","order_by":null,"url":"\/13.1-746\/"},{"id":80590,"section_number":"13.1-746.1","catch_line":"Other claims against dissolved corporation","order_by":null,"url":"\/13.1-746.1\/"},{"id":65922,"section_number":"13.1-746.2","catch_line":"Court proceedings","order_by":null,"url":"\/13.1-746.2\/"}],"permalink":{"id":150637,"object_type":"law","relational_id":61111,"identifier":"13.1-746.3","token":"13.1\/9\/16\/13.1-746.3","url":"\/13.1-746.3\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-746.3\/","token":"13.1\/9\/16\/13.1-746.3","dublin_core":{"Title":"Director duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-746.3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Directors shall cause the dissolved <span class=\"dictionary\">corporation<\/span> to apply its remaining <span class=\"dictionary\">assets<\/span> to discharge or make reasonable provision for the payment of claims and make <span class=\"dictionary\">distributions<\/span> in <span class=\"dictionary\">liquidation<\/span> of <span class=\"dictionary\">assets<\/span> to <span class=\"dictionary\">shareholders<\/span> after payment or provision for claims. <a id=\"paragraph-223412\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-746.3\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Directors of a dissolved <span class=\"dictionary\">corporation<\/span> that has disposed of claims under &#xA7; <a class=\"law\" title=\"Known claims against dissolved corporation\" href=\"\/13.1-746\/\">13.1-746<\/a>, <a class=\"law\" title=\"Other claims against dissolved corporation\" href=\"\/13.1-746.1\/\">13.1-746.1<\/a> or <a class=\"law\" title=\"Court proceedings\" href=\"\/13.1-746.2\/\">13.1-746.2<\/a> shall not be liable for breach of subsection A with respect to claims against the dissolved <span class=\"dictionary\">corporation<\/span> that are barred or satisfied under &#xA7; <a class=\"law\" title=\"Known claims against dissolved corporation\" href=\"\/13.1-746\/\">13.1-746<\/a>, <a class=\"law\" title=\"Other claims against dissolved corporation\" href=\"\/13.1-746.1\/\">13.1-746.1<\/a> or <a class=\"law\" title=\"Court proceedings\" href=\"\/13.1-746.2\/\">13.1-746.2<\/a>. <a id=\"paragraph-223413\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/13.1-746.3\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nDIRECTOR DUTIES (\u00a7 13.1-746.3)\n\nA. Directors shall cause the dissolved corporation to apply its remaining assets\nto discharge or make reasonable provision for the payment of claims and make\ndistributions in liquidation of assets to shareholders after payment or\nprovision for claims.\n\nB. Directors of a dissolved corporation that has disposed of claims under &#xA7;\n13.1-746, 13.1-746.1 or 13.1-746.2 shall not be liable for breach of subsection\nA with respect to claims against the dissolved corporation that are barred or\nsatisfied under &#xA7; 13.1-746, 13.1-746.1 or 13.1-746.2.\n\nHISTORY: 2005, c. 765; 2019, c. 734.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}