                                 CODE OF VIRGINIA

DIRECTOR DUTIES (§ 13.1-908.3)

A. The board of 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 of assets to members after payment or provision
for claims.

B. Directors of a dissolved corporation that has disposed of claims under &#xA7;
13.1-908, 13.1-908.1, or 13.1-908.2 shall not be liable for breach of subsection
A with respect to claims against the dissolved corporation that are barred or
satisfied under &#xA7; 13.1-908, 13.1-908.1, or 13.1-908.2.

HISTORY: 2007, c. 925.