(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 liabilities, 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.

(a) discharge its liabilities, 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 district 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: (a) after a reasonable time, the association has not wound up its activities; or (b) the applicant establishes other good cause.

(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) 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.