Sec. 251.401. VOLUNTARY WINDING UP AND TERMINATION. (a) A cooperative association may wind up and terminate its affairs in accordance with Chapter 11 and Sections 22.301-22.303. (b) If a cooperative association is directed to wind up and liquidate its affairs, three members of the cooperative association elected by a vote of at least a majority of the members voting shall be designated as trustees on behalf of the cooperative association to: (1) pay debts; (2) liquidate the cooperative association's assets within the time set in the trustees' designation or any extension of time; and (3) distribute the cooperative association's assets in the manner provided by Section 251.403 .
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