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HomeCorporations CodeCh. 16§ 12636 Corporate Termination And Winding Up

§ 12636 Corporate Termination And Winding Up

Corporations Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 12636 Corporate Termination And Winding Up

This law says that if a company's set time to exist runs out and isn't extended, the company must stop working and finish up its business. Once everything is done, most of the company's leaders must sign and file a special paper to officially close the company.

Key Takeaways

  • •If a company's time limit runs out, it must stop working.
  • •The company has to finish all its business, like paying bills and selling stuff.
  • •Most of the company's leaders must sign a paper to officially close the company.

Example

A small local bakery was set up to run for 10 years, and that time is now up.

The bakery must stop baking and selling, pay any bills, and sell any leftover equipment. Once everything is settled, most of the bakery's leaders must sign a paper to say the bakery is officially closed.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 12636 Corporate Termination And Winding Up

Except as otherwise provided by law, if the term of existence for which any corporation was organized expires without renewal or extension thereof, the board shall terminate its activities and wind up its affairs; and when the affairs of the corporation have been wound up a majority of the directors shall execute and file a certificate conforming to the requirements of Section 12635. (Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.)

Last verified: January 10, 2026

Key Terms

term of existencewind up its affairscertificateSection 12635

Related Statutes

  • § 6616 Corporate Termination And Winding Up
  • § 8616 Corporate Termination And Winding Up
  • § 12632 Revoke Dissolution Before Distribution
  • § 6612 Revoke Dissolution Election
  • § 8612 Revoke Corporate Dissolution Election

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Corporations Code. Section 12636.
View Official Source