Okla. Stat. tit. 18, § 18-441-1206
This is the official text of Okla. Stat. tit. 18, § 18-441-1206, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Winding up
Official statutory text
WINDING UP.
(a) A limited cooperative association continues after
dissolution only for purposes of winding up its activities.
(b) In winding up a limited cooperative association’s
activities, the board of directors shall cause the association to:
(1) Discharge its liabilities, settle and close its activities,
and marshal and distribute its assets;
(2) Preserve the association or its property as a going concern
for no more than a reasonable time;
(3) Prosecute and defend actions and proceedings;
(4) Transfer association property; and
(5) Perform other necessary acts.
(c) After dissolution and upon application of a limited
cooperative association, a member, or a holder of financial rights,
the district 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 Secretary
of State for filing an amendment to the articles of organization to
reflect the appointment.
(a) A limited cooperative association continues after
dissolution only for purposes of winding up its activities.
(b) In winding up a limited cooperative association’s
activities, the board of directors shall cause the association to:
(1) Discharge its liabilities, settle and close its activities,
and marshal and distribute its assets;
(2) Preserve the association or its property as a going concern
for no more than a reasonable time;
(3) Prosecute and defend actions and proceedings;
(4) Transfer association property; and
(5) Perform other necessary acts.
(c) After dissolution and upon application of a limited
cooperative association, a member, or a holder of financial rights,
the district 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 Secretary
of State for filing an amendment to the articles of organization to
reflect the appointment.
Status: in_force · Read it on the official government site
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