(1)__The board mailed written notice of the meeting to consider dissolution to all members qualified to vote;

(2)__The notice disclosed the purpose of the meeting and that approval of dissolution might be sought pursuant to this paragraph;

(3)__A majority of the votes cast by the members were in favor of dissolution; and

(4)__The board has an acceptable plan of dissolution.

D.__If the superintendent approves dissolution, either by vote of the board or vote of the members, the credit union shall immediately cease to do business, except for the express purposes of liquidation including the discharging of debts, collecting on loans, distributing__assets and every other act necessary to wind up and liquidate the business.__ It may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted.

E.__The board of directors shall use the assets of the credit union to pay claims in the following order:

(1)__Claimants whose claims are secured must receive their security.__To the extent their respective claims exceed the value of the security for those claims, as determined to the satisfaction of the receiver, they each have an unsecured claim against the credit union having priority as provided in subparagraph (2); and

(2)__Unsecured claims against the liquidation estate that are proved to the satisfaction of the receiver have priority in the following order:

(a)__Administrative costs and expenses of liquidation;

(b)__Claims for wages and salaries, including vacation, severance and sick leave pay;

(c)__Taxes legally due and owing to the United States or any state or subdivision of the United States or state;