2004. After determining that all the known debts and liabilities of a corporation in the process of winding up have been paid or adequately provided for, the board shall distribute all the remaining corporate assets among the shareholders according to their respective rights and preferences or, if there are no shareholders, to the persons entitled thereto. If the winding up is by court proceeding or subject to court supervision, the distribution shall not be made until after the expiration of any period for the presentation of claims which has been prescribed by order of the court.
(Amended by Stats. 1976, Ch. 641.)Section: Previous 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Next
Last modified: September 9, 2016