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1.Z, Inc. (a corporation) is dissolved: a.The board of directors approved a resolution authorizing the payment by the corporation of its debts under a contract.

1.Z, Inc. (a corporation) is dissolved:

a.The board of directors approved a resolution authorizing the payment by the corporation of its debts under a contract. Is the resolution valid? Why or why not? Cite the applicable section.

b.After the lapse of the three (3) year winding-up period, what remedies are available to a corporate creditor to recover the debts of the corporation?

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