§ 7-58-1207 — Winding up

(1) A limited cooperative association continues its
existence after dissolution only for purposes of winding up its activities.

(2) In winding up a limited cooperative association's activities, the board of
directors shall cause the association to:

(a) Collect its assets;

(b) Preserve the association or its property as a going concern for no more
than a reasonable time;

(c) Prosecute and defend actions and proceedings;

(d) Dispose of its properties that will not be distributed in kind to its
members;

(e) Discharge or make provision for discharging its liabilities;

(f) Distribute its remaining property among its members; and

(g) Do every other act necessary to wind up and liquidate its business and
affairs.

(3) After dissolution and upon application of a limited cooperative
association, a member, or a holder of financial rights, the proper court may order
judicial supervision of the winding up of the association, including the appointment
of a person to wind up the association's activities, if:

(a) After a reasonable time, the association has not wound up its activities; or

(b) The applicant establishes other good cause.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 807, � 1, effective April 2, 2012.