Article 68.--DISSOLUTION AND DISPOSITION OF CORPORATE ASSETS
17-6807.Continuation of corporation after dissolution for
purposes of settling and closing business affairs.
All corporations, whether they expire by their own limitation or are
otherwise dissolved, including revocation or forfeiture of articles of
incorporation pursuant to K.S.A. 17-6812 or 17-7510, and amendments thereto, shall be
continued, nevertheless, for the term of three years from such
expiration or dissolution or for such longer period as the district
court in its discretion shall direct, bodies corporate for the purpose
of prosecuting and defending suits, whether civil, criminal or
administrative, by or against them, and of enabling them gradually to
settle and close their business, to dispose of and convey their
property, to discharge their liabilities and to distribute to their
stockholders any remaining assets, but not for the purpose of continuing
the business for which the corporation was organized. With respect to
any action, suit or proceeding begun by or against the corporation
either prior to or within three years after the date of its
expiration or dissolution, the action shall not abate by
reason of the dissolution of the corporation; and the corporation shall, solely
for the purpose of such action, suit or proceeding, be continued as a body
corporate beyond the three-year period and until any judgments, orders or
decrees thereon shall be executed, without the necessity for any special
direction to that effect.
History: L. 1972, ch. 52, § 97; L. 1973, ch. 100, § 13;
L. 1988, ch. 99, § 48; Revived and amend., L. 1988, ch. 100, § 48; May 5.
Article 68.--DISSOLUTION AND DISPOSITION OF CORPORATE ASSETS
17-6807.Continuation of corporation after dissolution for
purposes of settling and closing business affairs.
All corporations, whether they expire by their own limitation or are
otherwise dissolved, including revocation or forfeiture of articles of
incorporation pursuant to K.S.A. 17-6812 or 17-7510, and amendments thereto, shall be
continued, nevertheless, for the term of three years from such
expiration or dissolution or for such longer period as the district
court in its discretion shall direct, bodies corporate for the purpose
of prosecuting and defending suits, whether civil, criminal or
administrative, by or against them, and of enabling them gradually to
settle and close their business, to dispose of and convey their
property, to discharge their liabilities and to distribute to their
stockholders any remaining assets, but not for the purpose of continuing
the business for which the corporation was organized. With respect to
any action, suit or proceeding begun by or against the corporation
either prior to or within three years after the date of its
expiration or dissolution, the action shall not abate by
reason of the dissolution of the corporation; and the corporation shall, solely
for the purpose of such action, suit or proceeding, be continued as a body
corporate beyond the three-year period and until any judgments, orders or
decrees thereon shall be executed, without the necessity for any special
direction to that effect.
History: L. 1972, ch. 52, § 97; L. 1973, ch. 100, § 13;
L. 1988, ch. 99, § 48; Revived and amend., L. 1988, ch. 100, § 48; May 5.
Article 68.--DISSOLUTION AND DISPOSITION OF CORPORATE ASSETS
17-6807.Continuation of corporation after dissolution for
purposes of settling and closing business affairs.
All corporations, whether they expire by their own limitation or are
otherwise dissolved, including revocation or forfeiture of articles of
incorporation pursuant to K.S.A. 17-6812 or 17-7510, and amendments thereto, shall be
continued, nevertheless, for the term of three years from such
expiration or dissolution or for such longer period as the district
court in its discretion shall direct, bodies corporate for the purpose
of prosecuting and defending suits, whether civil, criminal or
administrative, by or against them, and of enabling them gradually to
settle and close their business, to dispose of and convey their
property, to discharge their liabilities and to distribute to their
stockholders any remaining assets, but not for the purpose of continuing
the business for which the corporation was organized. With respect to
any action, suit or proceeding begun by or against the corporation
either prior to or within three years after the date of its
expiration or dissolution, the action shall not abate by
reason of the dissolution of the corporation; and the corporation shall, solely
for the purpose of such action, suit or proceeding, be continued as a body
corporate beyond the three-year period and until any judgments, orders or
decrees thereon shall be executed, without the necessity for any special
direction to that effect.
History: L. 1972, ch. 52, § 97; L. 1973, ch. 100, § 13;
L. 1988, ch. 99, § 48; Revived and amend., L. 1988, ch. 100, § 48; May 5.