17-5558.   Same; directors to act as liquidating trustees.The board of directors shall act as trustees for liquidation. They shallproceed as speedily as may be practicable to wind up the affairs of theassociation, and, to the extent necessary or expedient to that end, shallexercise all the powers of such dissolved association, and, withoutprejudice to the generality of such authority, may fill vacancies, electofficers, carry out the contracts, make new contracts, borrow money,mortgage or pledge the property, sell its assets at public or private sale,or compromise claims in favor of or against the association, apply assetsto the discharge of liabilities, distribute assets either in cash or inkind among shareholders according to their respective rights, after paying,or adequately providing for, the payment of liabilities, and do and performall acts necessary or expedient to the winding up of the association.

      History:   L. 1943, ch. 133, § 136; July 1.