I.__A credit union liquidating voluntarily may not continue in existence for more than 3 years after approval of dissolution, unless an extension is granted by the superintendent for good cause shown in an application filed prior to expiration of the 3-year period.

J.__After all debts, liabilities and obligations of the credit union are paid or discharged or otherwise adequately provided for, the credit union shall file articles of dissolution with the Secretary of State where the original certificate of organization is recorded.__Articles of dissolution must set forth:

(1)__The name and address of the credit union;

(2)__The date dissolution was approved;

(3)__A statement of how dissolution was approved;

(4)__A report of liquidating activities; and

(5)__Such other information as the superintendent may require.

Dissolution is effective upon the superintendent's acceptance of articles of dissolution for filing with the bureau, after recording.__At the time of the superintendent's acceptance of the filing, the credit union ceases to exist, except for the purposes of suits or other proceedings provided for by law.

2.__Involuntary dissolution.__This subsection governs the involuntary dissolution of a credit union.

A.__If, upon examination of a credit union, the superintendent determines that the credit union is insolvent or that the credit union is operating in an unsafe or unsound manner, the superintendent may appoint a receiver who shall proceed to close the credit union.__The credit union shall remain in existence for the purpose of winding up its affairs.