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

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

   1. (a) Collect its assets;
   2. (b) Preserve the association or its property as a going concern for no more than a reasonable time;
   3. (c) Prosecute and defend actions and proceedings;
   4. (d) Dispose of its properties that will not be distributed in kind to its members;
   5. (e) Discharge or make provision for discharging its liabilities;
   6. (f) Distribute its remaining property among its members; and
   7. (g) Do every other act necessary to wind up and liquidate its business and affairs.

3. (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:

   1. (a) After a reasonable time, the association has not wound up its activities; or
   2. (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.