§ 29-1012.06

D.C. Code § 29-1012.06

Winding up.

Effective Mar 5, 2013July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(8)(A), 59 DCR 13171
  1. (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.

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

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

    2. (2) May:

      1. (A) Preserve the association or its property as a going concern for no more than a reasonable time;
      2. (B) Prosecute and defend actions and proceedings;
      3. (C) Settle disputes by mediation or arbitration;
      4. (D) Deliver to the Mayor for filing a statement of termination stating the name of the company and that the company is terminated;
      5. (E) Transfer the association’s property; and
      6. (F) Perform other acts necessary or appropriate to the winding up.

  3. (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. (1) After a reasonable time, the association has not wound up its activities; or
    2. (2) The applicant establishes other good cause.
  4. (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.

Editor's Notes

Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.

Uniform Law: This section is based on § 1206 of the Uniform Limited Cooperative Association Act.

History

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720

Mar. 5, 2013, D.C. Law 19-210, § 2(j)(8)(A), 59 DCR 13171

Effect of Amendments

The 2013 amendment by D.C. Law 19-210 rewrote the section.

Section References

This section is referenced in § 29-1002.01.

Log InSign Up