Any association may, at any regular meeting or at any special meeting called for the purpose, due notice of the time, place and object of which regular or special meeting shall have been given as prescribed in the bylaws, by vote of two-thirds of all the members, discontinue its operations and settle its affairs. Thereupon it shall designate a committee of three members, who shall on behalf of the association within a time fixed in their designation, or any extension thereof, liquidate its assets, pay its debts and expenses, and divide any surplus among the members, as they may be entitled under the Articles of Association or bylaws. Upon final settlement of such committee, the association shall be deemed dissolved, and shall cease to exist under this act. The committee shall make a report of the proceedings had under this section, which shall be signed by its members, shall be acknowledged by them before an officer duly authorized to administer oaths in this state, and shall be filed and recorded in compliance with the provisions of Section 4 of this act with respect to Articles of Association.

Laws 1917, c. 22, p. 70, § 19; Laws 1923, c. 181, p. 317, § 19.