35-14-1409. Director duties. (1) 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 shareholders after payment of or provision for claims.
(2) Directors of a dissolved corporation that has disposed of claims under 35-14-1406 through 35-14-1408 may not be liable for breach of subsection (1) with respect to claims against the dissolved corporation that are barred or satisfied under 35-14-1406 through 35-14-1408.
History: En. Sec. 192, Ch. 271, L. 2019.
Structure Montana Code Annotated
Title 35. Corporations, Partnerships, and Associations
Chapter 14. Montana Business Corporation Act
35-14-1401. Dissolution by incorporators or initial directors
35-14-1402. Dissolution by board of directors and shareholders
35-14-1403. Articles of dissolution
35-14-1404. Revocation of dissolution
35-14-1405. Effect of dissolution
35-14-1406. Known claims against dissolved corporation
35-14-1407. Other claims against dissolved corporations
35-14-1410. through 35-14-1419 reserved
35-14-1420. Grounds for administrative dissolution
35-14-1421. Procedure for and effect of administrative dissolution
35-14-1422. Reinstatement following administrative dissolution
35-14-1423. Appeal from denial of reinstatement
35-14-1424. through 35-14-1429 reserved
35-14-1430. Grounds for judicial dissolution
35-14-1431. Procedure for judicial dissolution
35-14-1432. Receivership or custodianship
35-14-1433. Decree of dissolution
35-14-1434. Election to purchase in lieu of dissolution