6-469. Election of liquidators; report; supervision
A. Upon adoption of a plan of voluntary liquidation, the members shall proceed to elect, with cumulative voting permitted 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 proceedings at the meeting of members, certified by the presiding officer of the meeting and attested by the secretary of the meeting, and setting forth the notice given and time of mailing thereof, the vote on the plan of voluntary liquidation, the total number of votes which all members of the association were entitled to cast thereon, and the names of the liquidators elected, shall be filed in triplicate with the superintendent, together with the plan.
2. If the superintendent finds that the plan and proceedings are in accordance with this article, that the bonds of the liquidators are sufficient, and that the plan is not unfair to any person affected, he shall attach his certificate of approval to the plan and shall forward one copy to the liquidators, and in the case of an insured association, one copy to the insurance corporation.
3. The expenses of any examination made by or at the direction of the superintendent in connection with any voluntary dissolution shall be paid as a claim by the liquidators in accordance with the fees fixed for special examinations by section 6-125.
4. The plan shall become effective upon filing with the corporation commission of the superintendent's certificate of approval.
B. The liquidation of the association shall be subject to the supervision and examination of the superintendent.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.