(1) A limited cooperative association continues after dissolution only for purposes of winding up the association's activities.
(2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to:
(a) discharge the association's liabilities, settle and close the association's activities, and marshal and distribute the association's assets;
(b) preserve the association or its property as a going concern for no more than a reasonable time;
(c) prosecute and defend actions and proceedings;
(d) transfer association property; and
(e) perform other necessary acts.
(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, a court may order judicial supervision of the winding up of the association, including the appointment of a person to wind up the association's activities, if:
(a) after a reasonable time, the association has not wound up the association's activities; or
(b) the applicant establishes other good cause.
(4) If a person is appointed pursuant to Subsection (3) to wind up the activities of a limited cooperative association, the association shall promptly deliver to the division for filing an amendment to the articles of organization to reflect the appointment.