Guam § 171206 - Winding Up.

§ 171206. Winding Up.

(a) A dissolved limited cooperative association shall wind up its activities and affairs, and except as

provided in § 171207, the association continues after dissolution only for the purpose of winding up.

(b) In winding up its activities and affairs, the board of directors:

(1) shall discharge the association’s debts, obligations, or other liabilities, settle and close the

association’s activities, and marshal and distribute the assets of the association; and

(2) may:

(A) deliver to the Director of Revenue and Taxation for filing a statement of dissolution

stating the name of the association and that the association is dissolved;

(B) preserve the association’s activities, affairs and property as a going concern for a

reasonable time;

(C) prosecute and defend actions and proceedings, whether civil, criminal, or administrative;

(D) transfer the association’s property;

(E) settle disputes by mediation or arbitration;

(F) deliver to the Director of Revenue and Taxation for filing a statement of termination

stating the name of the company and that the company is terminated; and

(G) perform other acts necessary or appropriate to the winding up.

(c) After dissolution and upon application of a limited cooperative association, a member, or a holder

of financial rights, the Superior Court of Guam 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:

(1) after a reasonable time, the association has not wound up its activities; or

(2) the applicant establishes other good cause.

(d) If a person is appointed pursuant to Subsection (c) of this Section to wind up the activities of a

limited cooperative association, the association shall promptly deliver to the Director of Revenue and

Taxation for filing an amendment to the articles of organization to reflect the appointment.