Utah § 16-16-1206 Winding up.

Utah Statutes

§ 16-16-1206 — Winding up.

Utah § 16-16-1206

Title 16Corporations

Ch. 16-16Uniform Limited Cooperative Association Act

Part 16-16-12Dissolution

This text of Utah § 16-16-1206 (Winding up.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 16-16-1206 (2026).

Text

(1)A limited cooperative association continues after dissolution only for purposes of winding up the association's activities.

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

(2)(a) discharge the association's liabilities, settle and close the association's activities, and marshal and distribute the association's assets;

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

(2)(c) prosecute and defend actions and proceedings;

(2)(d) transfer association property; and

(2)(e) perform other necessary acts.

(3)After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, a court may order judicial supervision of t

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(1) A limited cooperative association continues after dissolution only for purposes of winding up the association's activities.
(2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to:

(2)(a) discharge the association's liabilities, settle and close the association's activities, and marshal and distribute the association's assets;
(2)(b) preserve the association or its property as a going concern for no more than a reasonable time;
(2)(c) prosecute and defend actions and proceedings;
(2)(d) transfer association property; and
(2)(e) perform other necessary acts.
(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, a 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:

(3)(a) after a reasonable time, the association has not wound up the association's activities; or
(3)(b) the applicant establishes other good cause.
(4) If a person is appointed pursuant to Subsection (3) to wind up the activities of a limited cooperative association, the association shall promptly deliver to the division for filing an amendment to the articles of organization to reflect the appointment.