After the filing by the department of a statement of intent to dissolve

(1) the cooperative shall proceed to collect its assets, convey and dispose of the property not to be distributed in kind to its members or shareholders, pay, satisfy and discharge its liabilities and obligations and do all other acts required to liquidate its business and affairs, and, after paying or adequately providing for the payment of all its obligations, distribute the remainder of its assets, either in cash or in kind, among the persons entitled to them by law, the articles and the bylaws;
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 10.15.475

  • articles: means articles of incorporation. See Alaska Statutes 10.15.595
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
  • court: means superior court. See Alaska Statutes 10.15.595
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 10.15.595
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(2) the cooperative, at any time during the liquidation of its business and affairs, may apply to a court within the state and judicial district in which the registered office or principal place of business of the cooperative is situated to have the liquidation continued under the supervision of the court as provided in this chapter;
(3) any cooperative which has filed a statement of intent to dissolve that does not, within two years from the date of filing, carry the dissolution to a conclusion shall be involuntarily dissolved as provided in Alaska Stat. Chapter 10.06 (Alaska Corporations Code).
  Previous section
Next section  
 Article 5 Contents