§ 564-f-20-2005

564-F:20-2005 Effect of Dissolution. – (a) A dissolved foundation continues its existence as a legal entity but may not engage in any activities except to the extent necessary or appropriate to wind up its affairs, including: (1) Collecting its property; (2) Disposing of its property that will not be distributed in kind to its beneficiaries or in furtherance of its purposes; (3) Discharging or making provision for discharging its liabilities; and (4) Distributing its remaining property to its beneficiaries or in furtherance of its purposes in accordance with the governing documents. (b) A foundation's dissolution does not: (1) Transfer title to the foundation's property; (2) Subject its directors to duties different from those prescribed in article 11; (3) Subject its protectors to duties different from those prescribed in article 13; (4) Change the provisions for appointment, resignation, or removal of the foundation officials; (5) Change the provisions for amending its governing documents; (6) Prevent commencement of a judicial proceeding by or against the foundation in the foundation's name; (7) Abate or suspend a judicial proceeding pending by or against the foundation on the

uments; (6) Prevent commencement of a judicial proceeding by or against the foundation in the foundation's name; (7) Abate or suspend a judicial proceeding pending by or against the foundation on the dissolution's effective date; or (8) Terminate the authority of the foundation's registered agent. Source. 2017, 257:47, eff. Oct. 1, 2017.