(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;
Preserve the association or its property as a going concern for no more than a reasonable time;
Prosecute and defend actions and proceedings;
Dispose of its properties that will not be distributed in kind to its members;
Discharge or make provision for discharging its liabilities;
Distribute its remaining property among its members; and
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.