6-469. Election of liquidators; report;
supervision
A. Upon adoption of a plan of voluntary liquidation, the members shall proceed to
elect, with cumulative voting permitted as in elections of directors, not more than three
liquidators, who shall have full power to execute the plan. The procedure thereafter
shall be as follows:
1. A report of proceedings at the meeting of members, certified by the presiding
officer of the meeting and attested by the secretary of the meeting, and setting forth
the notice given and time of mailing thereof, the vote on the plan of voluntary
liquidation, the total number of votes which all members of the association were entitled
to cast thereon, and the names of the liquidators elected, shall be filed in triplicate
with the superintendent, together with the plan.
2. If the superintendent finds that the plan and proceedings are in accordance with
this article, that the bonds of the liquidators are sufficient, and that the plan is not
unfair to any person affected, he shall attach his certificate of approval to the plan
and shall forward one copy to the liquidators, and in the case of an insured association,
one copy to the insurance corporation.
3. The expenses of any examination made by or at the direction of the
superintendent in connection with any voluntary dissolution shall be paid as a claim by
the liquidators in accordance with the fees fixed for special examinations by section
6-125.
4. The plan shall become effective upon filing with the corporation commission of
the superintendent's certificate of approval.
B. The liquidation of the association shall be subject to the supervision and
examination of the superintendent.
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