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.
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