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Colorado Revised Statutes Title 7. Corporations and Associations § 7-58-1207. Winding up

Current as of January 01, 2022 | Updated by FindLaw Staff

(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:

(a) Collect 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) 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.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 7. Corporations and Associations § 7-58-1207. Winding up - last updated January 01, 2022 | https://codes.findlaw.com/co/title-7-corporations-and-associations/co-rev-st-sect-7-58-1207.html

Read this complete Colorado Revised Statutes Title 7. Corporations and Associations § 7-58-1207. Winding up on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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