6-584. Voluntary dissolution A. A credit union may elect to dissolve voluntarily and terminate its affairs in the following manner: 1. The board of directors shall adopt a resolution recommending that the credit union be dissolved voluntarily, naming a liquidating agent adequately bondable, and directing that the question of a dissolution be submitted to a […]
6-585. Involuntary dissolution A. The deputy director may forthwith take possession and control of the business and property of any credit union to which this chapter is applicable whenever the deputy director finds on examination or investigation that such credit union has committed one or more of the following violations: 1. Is in violation of […]
6-586. Distribution of assets of liquidating credit union If there is either a voluntary or involuntary liquidation of a credit union the assets of the credit union or the proceeds from any disposition of the assets shall be applied and distributed in the following order: 1. Taxes owed to the United States, this state or […]
