§ 31.12.694. Remaining assets -- Distribution
When all expenses of the receivership have been paid, as well as all proper claims of share account holders, depositors, and other creditors, and proper provision has been made for unclaimed or unpaid debts and liquidation dividends, and assets of the credit union still remain, the receiver shall wind up the affairs of the credit union and distribute its assets to those entitled to them. Each share account holder and depositor at the credit union is entitled to a proportionate share of the assets remaining. The proportionate allocation shall be based on account balances as of a date determined by the board. For the purposes of liquidation, shares and deposits are equivalent.
[1997 c 397 § 77.]
Sections: Previous 31.12.671 31.12.674 31.12.677 31.12.681 31.12.684 31.12.687 31.12.691 31.12.694 31.12.697 31.12.701 31.12.704 31.12.707 31.12.711 31.12.714 31.12.717 NextLast modified: April 7, 2009