District of Columbia § 29-1012.06 Winding up.

District of Columbia Statutes

§ 29-1012.06 — Winding up.

District of Columbia § 29-1012.06

Title 29Business Organizations. [Enacted title]

Ch. 10Limited Cooperative Associations.

Subch. XIIDissolution.

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Bluebook

D.C. Code § 29-1012.06 (2026).

Text

(a)A dissolved limited cooperative association shall wind up its activities and affairs, and except as provided in § 29-1012.07 , continue after dissolution only for the purpose of winding up.

(b)In winding up a limited cooperative association’s activities, the board of directors:

(1)Shall discharge its liabilities, settle and close its activities, and marshal and distribute its assets; and

(2)May:

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

(B)Prosecute and defend actions and proceedings;

(C)Settle disputes by mediation or arbitration;

(D)Deliver to the Mayor for filing a statement of termination stating the name of the company and that the company is terminated;

(E)Transfer the association’s p

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(a) A dissolved limited cooperative association shall wind up its activities and affairs, and except as provided in § 29-1012.07 , continue after dissolution only for the purpose of winding up.

(b) In winding up a limited cooperative association’s activities, the board of directors:

(1) Shall discharge its liabilities, settle and close its activities, and marshal and distribute its assets; and

(2) May:

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

(B) Prosecute and defend actions and proceedings;

(C) Settle disputes by mediation or arbitration;

(D) Deliver to the Mayor for filing a statement of termination stating the name of the company and that the company is terminated;

(E) Transfer the association’s property; and

(F) Perform other acts necessary or appropriate to the winding up.

(c) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, the Superior 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:

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

(2) The applicant establishes other good cause.

(d) If a person is appointed pursuant to subsection (c) of this section to wind up the activities of a limited cooperative association, the association shall promptly deliver to the Mayor for filing an amendment to the articles of organization to reflect the appointment.