1. (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. (1) Collecting its property;
   2. (2) Disposing of its property that will not be distributed in kind to its beneficiaries or in furtherance of its purposes;
   3. (3) Discharging or making provision for discharging its liabilities; and
   4. (4) Distributing its remaining property to its beneficiaries or in furtherance of its purposes in accordance with the governing documents.

2. (b) A foundation's dissolution does not:

   1. (1) Transfer title to the foundation's property;
   2. (2) Subject its directors to duties different from those prescribed in article 11;
   3. (3) Subject its protectors to duties different from those prescribed in article 13;
   4. (4) Change the provisions for appointment, resignation, or removal of the foundation officials;
   5. (5) Change the provisions for amending its governing documents;
   6. (6) Prevent commencement of a judicial proceeding by or against the foundation in the foundation's name;
   7. (7) Abate or suspend a judicial proceeding pending by or against the foundation on the dissolution's effective date; or
   8. (8) Terminate the authority of the foundation's registered agent.

Source. 2017, 257:47, eff. Oct. 1, 2017.