17:12B-229 - Definition of liquidation

17:12B-229.  Definition of liquidation
    As used in this act, liquidation shall include the winding up and settlement  of the business and affairs of an association, the liquidation of its assets,  the payment and satisfaction of its debts and obligations and the expenses of  its liquidation, the distribution of its surplus assets to its members pro rata  and the management and direction of its affairs during the liquidating period.

     L.1963, c. 144, s. 229.