16-16-1206. Winding up.
(1) A limited cooperative association continues after dissolution only for purposes of winding up the association's activities.
(2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to: discharge the association's liabilities, settle and close the association's activities, and marshal and distribute the association's assets; preserve the association or its property as a going concern for no more than a reasonable time; prosecute and defend actions and proceedings; transfer association property; and perform other necessary acts.
(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, a 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: after a reasonable time, the association has not wound up the association's activities; or the applicant establishes other good cause.
(4) If a person is appointed pursuant to Subsectionto wind up the activities of a limited cooperative association, the association shall promptly deliver to the division for filing an amendment to the articles of organization to reflect the appointment. (3)