Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
309 Liquidation and dissolution
the Registrar, the cooperative named in the certificate must,
without delay,
(a) cause a notice to be sent to each known creditor of the
cooperative,
(b) proceed to collect its prope rty, dispose of properties that are
not to be distributed in kind to its members or investment
shareholders, discharge all its obligations and do all other
acts required to liquidate its business, and
(c) after giving the notice re quired under clause (a) and
adequately providing for the payment or discharge of all its
obligations, distribute its remaining property in accordance
with the articles among its members and investment
shareholders, if any, according to their respective rights.
(2) If the certificate of intent to dissolve has not been revoked
under section 311 and the cooperative has complied with this
section, the cooperative must send to the Registrar articles of
dissolution in the form set by the Registrar.
(3) On receipt of articles of dissolution, the Registrar must issue a
certificate of dissolution.
(4) The cooperative ceases to exist on the date shown in the
certificate of dissolution.
2001 cC-28.1 s309;2022 c16 s3(91)