Utah Code 16-16-1206. Winding up
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(1) A limited cooperative association continues after dissolution only for purposes of winding up the association’s activities.
Terms Used In Utah Code 16-16-1206
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(2) In winding up a limited cooperative association’s activities, the board of directors shall cause the association to:(2)(a) discharge the association’s liabilities, settle and close the association’s activities, and marshal and distribute the association’s assets;(2)(b) preserve the association or its property as a going concern for no more than a reasonable time;(2)(c) prosecute and defend actions and proceedings;(2)(d) transfer association property; and(2)(e) perform other necessary acts.(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, a 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:(3)(a) after a reasonable time, the association has not wound up the association’s activities; or(3)(b) the applicant establishes other good cause.(4) If a person is appointed pursuant to Subsection (3) to wind up the activities of a limited cooperative association, the association shall promptly deliver to the division for filing an amendment to the articles of organization to reflect the appointment.