Utah § 16-16-1206 - Winding up.

Full text of Utah Utah Code § 16-16-1206 — Winding up., with citation guidance and answers to common questions.

§ 16-16-1206. Winding up.

Effective 7/1/2024
16-16-1206.  Winding up.
(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.


Amended by Chapter 401, 2023 General Session

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Frequently Asked Questions About Utah § 16-16-1206

What does Utah Code § 16-16-1206 cover?

Section 16-16-1206 ("Winding up.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 16-16-1206?

A common citation format is "Utah Code § 16-16-1206" (Utah). 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 Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 16-16-1206 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah 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 Utah.