Title 14, Chapter 10, Section 15
( 14-10-15)
In the event of dissolution of a stock-type professional
association, the board of governors, as trustees of the property of
such professional association, shall apply the assets first to the
payment of debts of the association and, secondly, to the holders of
the stock as provided in the articles of association. In the event
of dissolution of a nonstock association, the assets shall be
distributed or sold and the net proceeds distributed first to the
payment of debts of the association and, secondly, to or among the
members of the association as the articles of association shall
provide. |