Winding up

(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.