(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.
(b) In winding up a limited cooperative association’s activities, the board of directors:
(1) Shall discharge its liabilities, settle and close its activities, and marshal and distribute its assets; and
(2) May:
(A) Preserve the association or its property as a going concern for no more than a reasonable time;
(B) Prosecute and defend actions and proceedings;
(C) Settle disputes by mediation or arbitration;
(D) Deliver to the Mayor for filing a statement of termination stating the name of the company and that the company is terminated;
(E) Transfer the association’s property; and
(F) Perform other acts necessary or appropriate to the winding up.
(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) After a reasonable time, the association has not wound up its activities; or
(2) The applicant establishes other good cause.
(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.
(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.)
Section ReferencesThis section is referenced in § 29-1002.01.
Effect of AmendmentsThe 2013 amendment by D.C. Law 19-210 rewrote the section.
Editor's NotesUniform Law: This section is based on § 1206 of the Uniform Limited Cooperative Association Act.
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.