{"data":{"id":"us-ut/utah-code-16-16-1206","jurisdiction":"us-ut","citation":"Utah Code § 16-16-1206","heading":"Winding up.","body":"(1) A limited cooperative association continues after dissolution only for purposes of winding up the association's activities.\n(2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to:\n(a) discharge the association's liabilities, settle and close the association's activities, and marshal and distribute the association's assets;\n(b) preserve the association or its property as a going concern for no more than a reasonable time;\n(c) prosecute and defend actions and proceedings;\n(d) transfer association property; and\n(e) perform other necessary acts.\n(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:\n(a) after a reasonable time, the association has not wound up the association's activities; or\n(b) the applicant establishes other good cause.\n(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.","path":["Title 16 Corporations","Chapter 16-16 Uniform Limited Cooperative Association Act","Part 16-16-12 Dissolution"],"source_url":"https://le.utah.gov/xcode/Title16/Chapter16/16-16-S1206.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"bb3bdb96dec7d031fc3c42e4840be788b46c2ec0fa6fe649013ae3855f0a765c","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-16-16-1205","next":"us-ut/utah-code-16-16-1207"},"notice":"GroundRules: Original legal text. Not legal advice."}