17-2719. Same; forfeiture of corporate right, when; trustees, powers.
17-2719
17-2719. Same; forfeiture of corporate right, when; trustees, powers.
The certificate of incorporation of any corporation organized under this
chapter shall be automatically forfeited as of the last day of December in
any year if the corporation fails to file the certificate required under
this section, or if the certificate filed reflects that any shares of the
corporation have been owned by an unqualified person for more than one year
preceding the date of the certificate and that no action as required herein
has been timely instituted to fix the fair value of such shares. In the
event of any such forfeiture, all the powers, privileges and franchises
conferred upon such corporation by its certificate of incorporation shall
be subject to rescission, and the secretary of state shall notify the
corporation by mail, addressed to its registered office, as disclosed by
the records of his office, that its corporate existence and rights in this
state have been forfeited and canceled, and the corporation dissolved
subject to rescission as provided in chapter 17, Kansas Statutes Annotated.
The directors and officers in office when any such forfeiture occurs shall
be the trustees of the corporation, shall have full authority to wind up
its business and affairs, sell and liquidate its property and assets, pay
its debts and obligations and to distribute the net assets among the
shareholders. The trustees as such shall have power to sue for and recover
the debts and property due to corporation, describing it by its corporate
name, and may be sued as such. The trustees shall be jointly and severally
responsible to the creditors and shareholders of the corporation to the
extent of its property and effects that shall have come into their hands.
History: L. 1965, ch. 157, § 14; June 30.