KRS 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 property; 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 Secretary of State for filing an amendment to the articles of association to

reflect the appointment.

(5) Dissolution of a limited cooperative association shall not abate or suspend KRS

272A.5-030 or 272A.8-020.