Section 7-58-1207 - Winding up(1) A limited cooperative association continues its existence after dissolution only for purposes of winding up its activities.(2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to:(b) Preserve the association or its property as a going concern for no more than a reasonable time;(c) Prosecute and defend actions and proceedings;(d) Dispose of its properties that will not be distributed in kind to its members;(e) Discharge or make provision for discharging its liabilities;(f) Distribute its remaining property among its members; and(g) Do every other act necessary to wind up and liquidate its business and affairs.(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, the proper 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: (a) After a reasonable time, the association has not wound up its activities; or(b) The applicant establishes other good cause.L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 807, § 1, effective 4/2/2012.