Section 53-16-5 - Effect of statement of intent to dissolve.
53-16-5. Effect of statement of intent to dissolve.
Upon the filing by the commission of a statement of intent to dissolve, whether by consent of shareholders or by act of the corporation, the corporation shall cease to carry on its business, except insofar as necessary for the winding up thereof, but its corporate existence shall continue until a certificate of dissolution has been issued by the commission or until a decree dissolving the corporation has been entered by a court of competent jurisdiction as provided in the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978].