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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>60096</law_id><section_number>13.1-908.3</section_number><catch_line>Director duties</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="10">Virginia Nonstock Corporation Act</unit><unit label="article" level="3" order_by="1" identifier="13">Dissolution</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> The <span class="dictionary">board of directors</span> 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 distributions of <span class="dictionary">assets</span> to <span class="dictionary">members</span> after payment or provision for claims. <a id="paragraph-219926" class="section-permalink" href="https://vacode.org/13.1-908.3/#A"><i class="fa fa-link"/></a></p></section>
						<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="/13.1-908/">13.1-908</a>, <a class="law" title="Other claims against dissolved corporation" href="/13.1-908.1/">13.1-908.1</a>, or <a class="law" title="Court proceedings" href="/13.1-908.2/">13.1-908.2</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="/13.1-908/">13.1-908</a>, <a class="law" title="Other claims against dissolved corporation" href="/13.1-908.1/">13.1-908.1</a>, or <a class="law" title="Court proceedings" href="/13.1-908.2/">13.1-908.2</a>. <a id="paragraph-219927" class="section-permalink" href="https://vacode.org/13.1-908.3/#B"><i class="fa fa-link"/></a></p></section></text><history>2007, c. 925.</history><metadata></metadata></law>
