(a) A dissolved nonprofit corporation continues its existence as a nonprofit corporation but may not carry on any activity except as is appropriate to wind up and liquidate its activities and affairs, including:
(1) collecting its assets;
(2) disposing of its properties that will not be distributed in kind;
(3) discharging or making provisions for discharging its liabilities;
(4) distributing its remaining property as required by law, its certificate of incorporation, bylaws, and as approved when the dissolution was authorized; and
(5) doing every other act necessary to wind up and liquidate its activities and affairs.
(b) In winding up its activities and affairs, a dissolved nonprofit corporation may:
(1) preserve the nonprofit corporation’s activities and affairs and property as a going concern for a reasonable time;
(2) prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative;
(3) transfer the nonprofit corporation’s assets;
(4) resolve disputes by mediation or arbitration; and
(5) merge or convert in accordance with Article 12 or 13 of this chapter or Article 8 of Chapter 1.
(c) Dissolution of a nonprofit corporation does not:
(1) transfer title to the nonprofit corporation’s property;
(2) subject its directors or officers to standards of conduct different from those prescribed in Article 8 of this chapter;
(3) change:
(i) quorum or voting requirements for its board of directors or members;
(ii) provisions for selection, resignation, or removal of its directors or officers or both; or
(iii) provisions for amending its bylaws;
(4) prevent commencement of a proceeding by or against the nonprofit corporation in its corporate name;
(5) abate or suspend a proceeding pending by or against the nonprofit corporation on the effective date of dissolution; or
(6) terminate the authority of the registered agent of the nonprofit corporation.
(d) A distribution in liquidation under this section may only be made by a dissolved nonprofit corporation.