Section 272A.12-060 - Winding up(1) A limited cooperative association continues 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:(a) Discharge its liabilities, settle and close its activities, and marshal and distribute its assets;(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) Transfer association property; and(e) Perform other necessary acts.(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, the appropriate 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.(4) If a person is appointed pursuant to subsection (3) 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 association to reflect the appointment.(5) Dissolution of a limited cooperative association shall not abate or suspend KRS 272A.5-030 or 272A.8-020.Added by 2012 Ky. Acts ch. 160,§ 93, eff. 7/11/2012.