47-18-17. Liquidation of assets by court--Proper parties to bring action.

145 words·~1 min read·/sd/title-47/chapter-47-18/47-18-17

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

The circuit court for the county where the principal office or registered agent of the cooperative is located may liquidate the assets and business of such cooperative when an action for that purpose is filed by or on behalf of:

(1)A majority of the designated committee or directors when a resolution is adopted pursuant to § 47-18-11 ;

(2)The attorney general when a decree of dissolution has been obtained pursuant to § 47-18-15 ;

(3)A judgment creditor whose execution is returned unsatisfied when it is established that the cooperative is unable to pay its debts as they become due in the usual course of its business;

(4)Any creditor when it is established that the cooperative is dissolving pursuant to §§ 47-18-11 to 47-18-14 , inclusive, or §§ 47-18-16.3 to 47-18-16.6 , inclusive, without making adequate provision for payment of all creditors.