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 liabili ties, 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 pro perty; 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 associati on, 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 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) Dissolut ion of a limited cooperative association shall not abate or suspend KRS 272A.5 -030 or 272A.8 -020. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 93, effective July 12, 2012.
Kentucky Legal Code