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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A corporation's approved amended articles shorten its term to a specified date. That term then expires. The directors argue that dissolution must await an additional SEC certificate before any liquidation rules can apply. Under section 136's stated expiry rule, what is the best answer?

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Upon expiration of the shortened term in the approved amended articles, it is deemed dissolved without further proceedings, subject to liquidation; expiry dissolution takes effect as the statute provides without needing an additional dissolution certificate. Every shortening amendment automatically eliminates all liabilities. Expiry is irrelevant if the directors dislike it. The corporation necessarily receives another fifty-year term.

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