6-472. Final distribution and dissolution

328 words·~1 min read·/az/title-6/6-472

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.

2. On the deputy director's approval of the final report, the liquidators shall publish notice of the proposed final distribution and shall allow any holder of shares of guaranty capital to examine the records of the association to ascertain the holder's proper share of such distribution. Any such shareholder who fails to commence, before the date fixed for final distribution, appropriate judicial proceedings to contest such distribution, shall be barred from contesting the same thereafter.

The liquidators shall proceed to make final distribution on the date fixed therefor, except that such distribution shall be deferred until final disposition of any pending judicial action affecting the distribution, and payment, of any judgment entered therein.

3. When final distribution has been made, except as to any money due to, but unclaimed by, any creditor, member, or other person, the liquidators shall deposit such unclaimed money with the deputy director, for payment to the person or persons entitled thereto on application and proof of right as provided by law.

4. The liquidators also shall deliver to the deputy director all books of account and other records of the association, for preservation for at least two years and destruction thereafter as provided by law.

5. On completion of the foregoing procedure, the liquidators shall be discharged. The deputy director thereupon shall issue a certificate of dissolution of the association and shall file a copy thereof with the corporation commission and record a copy in the office of the county recorder of each county in which the original articles of incorporation were recorded. On such filing and recording, the dissolution shall be effective. No fees shall be required for such filing and recording.