499.47 - DISSOLUTION.

        499.47  DISSOLUTION.         1.  An association whose duration has expired, or which is sooner      dissolved by voluntary act of its members, shall continue to exist      for the purpose of winding up its affairs until its complete      liquidation under subsection 3 hereof.         2.  An association may be dissolved by two-thirds of all votes      cast at any meeting called for that purpose at which a majority of      all voting members vote.         3.  Upon the expiration or voluntary dissolution of an      association, the members shall designate three of their number as      trustees to replace the officers and directors and wind up its      affairs.  The trustees shall have all the powers of the board,      including the power to sell and convey real or personal property and      execute conveyances.  Within the time fixed in their designation, or      any extension of that time, the trustees shall liquidate the      association's assets, pay its debts and expenses, and distribute      remaining funds among the members.  Upon distribution of remaining      assets the association shall stand dissolved and cease to exist.  The      trustees shall make and sign a report of the dissolution.  The report      shall be filed with the secretary of state.         4.  The trustees and their successors in office shall be chosen,      and the time for their action fixed and extended, by a majority of      all votes cast at any meeting called for such purpose.  
         Section History: Early Form
         [C35, § 8512-g47; C39, § 8512.47; C46, 50, 54, 58, 62, 66, 71,      73, 75, 77, 79, 81, § 499.47] 
         Section History: Recent Form
         90 Acts, ch 1164, §7; 2007 Acts, ch 23, §5; 2007 Acts, ch 215,      §254