Section 404-G:11 - Termination Of Activities And DissolutionIn the event one or more programs administered by the association are terminated, the association shall undertake the winding down and cessation of the program or programs, and the dissolution of the association if no programs remain, as follows:
I. The board of directors of the association shall prepare and submit to the commissioner for approval, a plan of termination which shall be an amendment to the plans of operation described in RSA 404-G:5. The plan of termination shall provide for such administrative measures as are necessary or desirable to terminate the program or programs, and such provisions shall not be inconsistent with this section.II. Following the approval of the plan of termination by the commissioner, the association shall take such actions as are necessary and desirable to wind down its affairs under this chapter in accordance with the plan of termination. The association shall retain all of its powers and duties, including, but not limited to, its power to establish and collect regular and special assessments under RSA 404-G:5-a, and the immunity provided by RSA 404-G:9 and the bylaws of the association. Any excess funds remaining after the satisfaction of all of the association's liabilities shall be used for the program and for the association's reasonable costs for collecting its share of the remainder amount.III. When the association has completed the winding down of its affairs under this chapter and satisfied in full all of its liabilities, then it shall submit to the commissioner for approval a plan of dissolution. Upon approval of the plan of dissolution, the association shall file a certificate of dissolution with the secretary of state, whereupon the association shall cease to exist.Amended by 2023, 92:6, eff. 1/1/2024.Amended by 2016 , 13: 11, eff. 4/5/2016.Added by 2013 , 200: 1, eff. 7/9/2013. 2013, 200 : 1 . 2016, 13 : 11 , eff. Apr. 5, 2016.