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Current through October 23, 2012
(a) A limited cooperative association shall continue 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 Superior 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 Mayor for filing an amendment to the articles of organization to reflect the appointment.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For history of Law 18-378, see notes under § 29-101.01.
Uniform Law
This section is based on § 1206 of the Uniform Limited Cooperative Association Act . See Vol. 6A , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
