<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="3-408" title_number="3" title_name="Corporations in General -- Extraordinary Actions" subtitle_number="4" subtitle_name="Dissolution">
  <level label="a">
    <text>Except as provided in subsection (b) of this section, the corporation is dissolved on the later of:</text>
    <level label="1">
      <text>The time the Department accepts the articles of dissolution for record; or</text>
    </level>
    <level label="2">
      <text>The time established under the articles, not to exceed 30 days after the articles are accepted for record.</text>
    </level>
  </level>
  <level label="b">
    <text>The corporation continues to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs.</text>
  </level>
</section>
