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<law><law_id>766133</law_id><section_number>13.1-332</section_number><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><edition url="https://vacode.org/2016/" id="11" last_updated="2016-07-24" current="TRUE">2016</edition><structure><unit level="1" identifier="13.1" url="https://vacode.org/2016/13.1/">Corporations</unit><unit level="2" identifier="3" url="https://vacode.org/2016/13.1/3/">Cooperative Associations</unit><unit level="3" identifier="2" url="https://vacode.org/2016/13.1/3/2/">Agricultural Cooperative Associations</unit></structure><catch_line>Voluntary dissolution</catch_line><history>1956, c. 428.</history><order_by/><metadata/><court_decisions/><official_url>http://law.lis.virginia.gov/vacode/13.1-332/</official_url><refers_to/><url>/13.1-332/</url><token>13.1/3/2/13.1-332</token><referred_to_by/><text><section id="2468895" prefix="(a"><text/><type>section</type><prefixes><section>(a</section></prefixes><entire_prefix>(a</entire_prefix><prefix_anchor>(a</prefix_anchor><level>1</level></section><section id="2468896" prefix="(1"><text/><type>section</type><prefixes><section>(a</section><section>(1</section></prefixes><entire_prefix>(a(1</entire_prefix><prefix_anchor>(a(1</prefix_anchor><level>2</level></section><section id="2468897" prefix="(2"><text> Whenever all the members shall consent in writing to the dissolution and the appointment of three trustees for winding up the affairs of the association, no meeting or notice thereof shall be necessary, but on filing such consent with the Commission, it shall issue a certificate of dissolution, and the association shall stand dissolved and the said trustees shall proceed to settle up and adjust its business and affairs.</text><type>section</type><prefixes><section>(a</section><section>(2</section></prefixes><entire_prefix>(a(2</entire_prefix><prefix_anchor>(a(2</prefix_anchor><level>2</level></section><section id="2468898" prefix="(3"><text> Whenever a certificate of dissolution has been issued by the Commission, it shall certify one copy of the certificate to the Commissioner of Agriculture and Consumer Services and one copy to the Director of the State Agricultural Extension Division.</text><type>section</type><prefixes><section>(a</section><section>(3</section></prefixes><entire_prefix>(a(3</entire_prefix><prefix_anchor>(a(3</prefix_anchor><level>2</level></section><section id="2468899" prefix="(4"><text> The trustees may bring and defend all actions by them deemed necessary to protect and enforce the rights of the association.</text><type>section</type><prefixes><section>(a</section><section>(4</section></prefixes><entire_prefix>(a(4</entire_prefix><prefix_anchor>(a(4</prefix_anchor><level>2</level></section><section id="2468900" prefix="(5"><text> Any vacancies in the trusteeship may be filled by the remaining trustees.</text><type>section</type><prefixes><section>(a</section><section>(5</section></prefixes><entire_prefix>(a(5</entire_prefix><prefix_anchor>(a(5</prefix_anchor><level>2</level></section><section id="2468901" prefix="(b"><text>In the case of an association dissolving pursuant to this section, the circuit court of the county or the circuit, corporation, or other court having equitable jurisdiction in the city where its principal office is located, upon petition of the trustees or a majority of them, or in a proper case upon the petition of a creditor or member, or upon the petition of the Attorney General upon notice to all of the trustees and to such other interested persons as the court may specify, from time to time may order and adjudge in respect to the following matters:</text><type>section</type><prefixes><section>(b</section></prefixes><entire_prefix>(b</entire_prefix><prefix_anchor>(b</prefix_anchor><level>1</level></section><section id="2468902" prefix="(1"><text> The giving of notice by publication or otherwise of the time and place for the presentation of all claims and demands against the association, which notice may require all creditors of and claimants against the association to present in writing and in detail at the place specified their respective accounts and demands to the trustees by a day therein specified, which shall not be less than forty days from the service or first publication of such notice;</text><type>section</type><prefixes><section>(b</section><section>(1</section></prefixes><entire_prefix>(b(1</entire_prefix><prefix_anchor>(b(1</prefix_anchor><level>2</level></section><section id="2468903" prefix="(2"><text> The payment or satisfaction in whole or in part of claims and demands against the association, or the retention of moneys for such purpose;</text><type>section</type><prefixes><section>(b</section><section>(2</section></prefixes><entire_prefix>(b(2</entire_prefix><prefix_anchor>(b(2</prefix_anchor><level>2</level></section><section id="2468904" prefix="(3"><text> The presentation and filing of intermediate and final accounts of the trustees, the hearing thereon, the allowance or disallowance thereof, and the discharge of the trustees, or any of them, from their duties and liabilities;</text><type>section</type><prefixes><section>(b</section><section>(3</section></prefixes><entire_prefix>(b(3</entire_prefix><prefix_anchor>(b(3</prefix_anchor><level>2</level></section><section id="2468905" prefix="(4"><text> The administration of any trust or the disposition of any property held in trust by or for the association;</text><type>section</type><prefixes><section>(b</section><section>(4</section></prefixes><entire_prefix>(b(4</entire_prefix><prefix_anchor>(b(4</prefix_anchor><level>2</level></section><section id="2468906" prefix="(5"><text> The sale and disposition of any remaining property of the association and the distribution or division of such property or its proceeds among the members or persons entitled thereto;</text><type>section</type><prefixes><section>(b</section><section>(5</section></prefixes><entire_prefix>(b(5</entire_prefix><prefix_anchor>(b(5</prefix_anchor><level>2</level></section><section id="2468907" prefix="(6"><text> Such matters as justice may require.All such orders and judgments shall be binding upon the association, its property and assets, its trustees, members, creditors and all persons having claims against it.</text><type>section</type><prefixes><section>(b</section><section>(6</section></prefixes><entire_prefix>(b(6</entire_prefix><prefix_anchor>(b(6</prefix_anchor><level>2</level></section></text></law>
