43-38-1022 - Court order dissolving cooperative. - Tennessee Statutes

43-38-1022. Court order dissolving cooperative.

(a)  In an involuntary or supervised voluntary dissolution, after the costs and expenses of the proceedings and all debts, obligations and liabilities of the cooperative have been paid or discharged and the remaining property and assets have been distributed to its members, or if its property and assets are not sufficient to satisfy and discharge the costs, expenses, debts, obligations and liabilities, when all the property and assets have been applied so far as they will go to their payment according to their priorities, the court shall enter an order dissolving the cooperative.

(b)  When the order dissolving the cooperative or association has been entered, the cooperative or association is dissolved.

[Acts 2004, ch. 534, § 32.]