(a) Directors shall cause the dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions in liquidation of assets to stockholders after payment or provision for claims.
(b) Directors of a dissolved corporation which has disposed of claims under Section 10A-2A-14.06 or Section 10A-2A-14.07 shall not be liable for breach of Section 10A-2A-14.08(a) with respect to claims against the dissolved corporation that are barred or satisfied under Section 10A-2A-14.06 or Section 10A-2A-14.07.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 2A - Alabama Business Corporation Law.
Division A - Voluntary Dissolution.
Section 10A-2A-14.01 - Dissolution by Incorporators or Initial Directors.
Section 10A-2A-14.02 - Dissolution by Board of Directors and Stockholders.
Section 10A-2A-14.03 - Certificate of Dissolution.
Section 10A-2A-14.04 - Revocation of Dissolution; Reinstatement.
Section 10A-2A-14.05 - Effect of Dissolution.
Section 10A-2A-14.06 - Known Claims Against Dissolved Corporation.
Section 10A-2A-14.07 - Other Claims Against Dissolved Corporation.