Guam § 171208 - Distribution of Assets in Winding Up.

§ 171208. Distribution of Assets in Winding Up.

(a) In winding up its activities and affairs, the limited cooperative association shall apply its assets to

discharge its obligations to creditors, including members that are creditors. The association shall apply any

remaining assets to pay in money the net amount distributable to members in accordance with their right to

distributions under Subsection (b) of this Section.

(b) Unless the organic rules otherwise provide, in this Subsection “financial interests” means the

amounts recorded in the names of members in the records of a limited cooperative association at the time a

distribution is made, including amounts paid to become a member, amounts allocated but not distributed to

members, and amounts of distributions authorized but not yet paid to members. Unless the organic rules

otherwise provide, each member is entitled to a distribution from the association of any remaining assets in

the proportion of the member’s financial interests to the total financial interests of the members after all

other obligations are satisfied.