Section 441-1206 - 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.Okla. Stat. tit. 18, § 441-1206
Added by Laws 2009 , HB 2148, c. 68, § 107, eff. 1/1/2010.