Okla. Stat. tit. 18, § 18-441-1207
This is the official text of Okla. Stat. tit. 18, § 18-441-1207, 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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Distribution of assets in winding up limited
Official statutory text
cooperative association.
Oklahoma Statutes - Title 18. Corporations Page 214
DISTRIBUTION OF ASSETS IN WINDING UP LIMITED COOPERATIVE
ASSOCIATION.
(a) In winding up a limited cooperative association’s business,
the association shall apply its assets to discharge its obligations
to creditors, including members that are creditors. The association
shall apply any remaining assets to pay in money the net amount
distributable to members in accordance with their right to
distributions under subsection (b) of this section.
(b) Unless the organic rules otherwise provide, in this
subsection “financial interests” means the amounts recorded in the
names of members in the records of a limited cooperative association
at the time a distribution is made, including amounts paid to become
a member, amounts allocated but not distributed to members, and
amounts of distributions authorized but not yet paid to members.
Unless the organic rules otherwise provide, each member is entitled
to a distribution from the association of any remaining assets in
the proportion of the member’s financial interests to the total
financial interests of the members after all other obligations are
satisfied.
Oklahoma Statutes - Title 18. Corporations Page 214
DISTRIBUTION OF ASSETS IN WINDING UP LIMITED COOPERATIVE
ASSOCIATION.
(a) In winding up a limited cooperative association’s business,
the association shall apply its assets to discharge its obligations
to creditors, including members that are creditors. The association
shall apply any remaining assets to pay in money the net amount
distributable to members in accordance with their right to
distributions under subsection (b) of this section.
(b) Unless the organic rules otherwise provide, in this
subsection “financial interests” means the amounts recorded in the
names of members in the records of a limited cooperative association
at the time a distribution is made, including amounts paid to become
a member, amounts allocated but not distributed to members, and
amounts of distributions authorized but not yet paid to members.
Unless the organic rules otherwise provide, each member is entitled
to a distribution from the association of any remaining assets in
the proportion of the member’s financial interests to the total
financial interests of the members after all other obligations are
satisfied.
Status: in_force · Read it on the official government site
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