Winding up.

A dissolved limited cooperative association shall wind up its activities and affairs, and except as provided in § 29-1012.07, continue after dissolution only for the purpose of winding up. In winding up a limited cooperative association’s activities, the board of directors: Shall discharge its liabilities, settle and close its activities, and marshal and distribute its assets; and May: Preserve the association or its property as a going concern for no more than a reasonable time; Prosecute and defend actions and proceedings; Settle disputes by mediation or arbitration; Deliver to the Mayor for filing a statement of termination stating the name of the company and that the company is terminated; Transfer the association’s property; and Perform other acts necessary or appropriate to the winding up. 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: After a reasonable time, the association has not wound up its activities; or The applicant establishes other good cause. 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. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 1206 of the Uniform Limited Cooperative Association Act.