§ 6-467 – Authority to liquidate

6-467. Authority to liquidate An association may liquidate voluntarily in accordance with a plan of voluntary liquidation which has been adopted in the manner provided in this article.

§ 6-468 – Decision to liquidate; adoption of plan

6-468. Decision to liquidate; adoption of plan A. At any annual or special meeting of the members, the members may vote to liquidate the association, and may adopt a plan of liquidation that has been approved by the board of directors, or proposed by one or more shareholders, or submitted by the deputy director or […]

§ 6-469 – Election of liquidators; report; supervision

6-469. Election of liquidators; report; supervision A. On adoption of a plan of voluntary liquidation, the members shall proceed to elect, with cumulative voting allowed as in elections of directors, not more than three liquidators, who shall have full power to execute the plan. The procedure thereafter shall be as follows: 1. A report of […]

§ 6-470 – Protection and liquidation of assets

6-470. Protection and liquidation of assets The liquidators are authorized to advance funds of the association and to take such other action as is advisable to preserve, protect, or purchase at any sale any real estate or other asset upon which the association may hold any lien or encumbrance or in which it may have […]

§ 6-471 – Filing and payment of claims

6-471. Filing and payment of claims A. The liquidators shall fix a time for all persons having claims against the association, other than as members thereof, to present such claims, and shall cause notice to be published, requiring all persons to present the claims on or before such date, and within five days after the […]

§ 6-472 – Final distribution and dissolution

6-472. Final distribution and dissolution When all assets have been liquidated and all expenses, claims and holders of withdrawable capital have been paid, dissolution of the association shall be accomplished in the following manner: 1. The liquidators shall file with the deputy director the duly verified final report of their acts and proposed final distribution. […]