                                 CODE OF VIRGINIA

DIRECTOR DUTIES (§ 13.1-746.3)

A. 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.

B. 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.

HISTORY: 2005, c. 765; 2019, c. 734.