6-472. Final distribution and
dissolution
When all assets have been liquidated and all expenses, claims and holders of
withdrawable capital have been paid, dissolution of the association shall be accomplished
in the following manner:
1. The liquidators shall file with the superintendent the duly verified final
report of their acts and proposed final distribution.
2. Upon the superintendent's approval of the final report, the liquidators shall
publish notice of the proposed final distribution and shall allow any holder of shares of
guaranty capital to examine the records of the association to ascertain his proper share
of such distribution. Any such shareholder who fails to commence, before the date fixed
for final distribution, appropriate judicial proceedings to contest such distribution,
shall be barred from contesting the same thereafter. The liquidators shall proceed to
make final distribution on the date fixed therefor, except that such distribution shall
be deferred until final disposition of any pending judicial action affecting the
distribution, and payment, of any judgment entered therein.
3. When final distribution has been made, except as to any money due to, but
unclaimed by, any creditor, member, or other person, the liquidators shall deposit such
unclaimed money with the superintendent, for payment to the person or persons entitled
thereto upon application and proof of right as provided by law.
4. The liquidators also shall deliver to the superintendent all books of account
and other records of the association, for preservation for at least two years and
destruction thereafter as provided by law.
5. Upon completion of the foregoing procedure, the liquidators shall be
discharged. The superintendent thereupon shall issue a certificate of dissolution of the
association and shall file a copy thereof with the corporation commission and record a
copy in the office of the county recorder of each county in which the original articles
of incorporation were recorded. Upon such filing and recording, the dissolution shall be
effective. No fees shall be required for such filing and recording.
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