Winding up

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