1.  A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing any other acts required to wind up its business.

2.  The board or, in the case of involuntary dissolution, the liquidating agent, shall pay from the assets, the obligations of the credit union in the following order:

(a) Expenses incidental to liquidation including any surety bond that may be required.

(b) Any liability due to nonmembers.

(c) Deposits and savings club accounts. If any assets remain, they shall be distributed to the members proportionately to the number of shares held by each member as of the date dissolution was approved by the members or ordered by the Commissioner.

3.  As soon as the board or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, he or she shall execute a certificate of dissolution on a form provided by the Division and shall file such form with the proper recording authority within the county in which the credit union has its principal place of business. After filing or recording, and indexing the original form shall be forwarded to the Division and upon its receipt and filing such credit union shall be officially dissolved.