501A.1208 - PROCEDURE IN INVOLUNTARY OR COURT-SUPERVISED VOLUNTARY DISSOLUTION.

        501A.1208  PROCEDURE IN INVOLUNTARY OR      COURT-SUPERVISED VOLUNTARY DISSOLUTION.         1.  Action before hearing.  Before a hearing is completed in      dissolution proceedings, a court may do any of the following:         a.  Issue injunctions.         b.  Appoint receivers with all powers and duties that the      court directs.         c.  Take actions required to preserve the cooperative's      assets, wherever located.         d.  Carry on the business of the cooperative.         2.  Action after hearing.  After a hearing is completed, upon      notice to parties to the proceedings and to other parties in interest      designated by the court, the court may appoint a receiver to collect      the cooperative's assets, including amounts owing to the cooperative      by subscribers on account of an unpaid portion of the consideration      for the issuance of membership interests.  A receiver has authority,      subject to the order of the court, to continue the business of the      cooperative and to sell, lease, transfer, or otherwise dispose of the      property and assets of the cooperative, either at public or private      sale.         3.  Discharge of obligations.  The assets of the cooperative      or the proceeds resulting from a sale, lease, transfer, or other      disposition shall be applied in the following order of priority:         a.  The costs and expense of the proceedings, including      attorney fees and disbursements.         b.  Debts, taxes, and assessments due the United States, this      state, and other states in that order.         c.  Claims duly proved and allowed to employees under the      provisions of the workers' compensation law, except that claims under      this paragraph shall not be allowed if the cooperative carried      workers' compensation insurance, as provided by law, at the time the      injury was sustained.         d.  Claims, including the value of all compensation paid in a      medium other than money, proved and allowed to employees for services      performed within three months preceding the appointment of the      receiver.         e.  Other claims that are proved and allowed by the court.         4.  Remainder to members.  After payment of the expenses of      receivership and claims of creditors are proved, the remaining      assets, if any, may be distributed to the members or distributed      under an approved liquidation plan.  
         Section History: Recent Form
         2005 Acts, ch 135, §92