Colorado § 7-58-1207 - Winding up.
Full text of Colorado Colorado Revised Statutes § 7-58-1207 — Winding up., with citation guidance and answers to common questions.
§ 7-58-1207. Winding up.
(1) A limited cooperative association continues its existence after dissolution only for purposes of winding up its activities.
(2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to:
(a) Collect its 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) Dispose of its properties that will not be distributed in kind to its members;
(e) Discharge or make provision for discharging its liabilities;
(f) Distribute its remaining property among its members; and
(g) Do every other act necessary to wind up and liquidate its business and affairs.
(3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, the proper 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 its activities; or
(b) The applicant establishes other good cause.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 807, § 1, effective April 2, 2012.
Frequently Asked Questions About Colorado § 7-58-1207
What does Colorado Revised Statutes § 7-58-1207 cover?
Section 7-58-1207 ("Winding up.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-58-1207?
A common citation format is "Colorado Revised Statutes § 7-58-1207" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-58-1207 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.