Winding-up procedure

(1) The winding-up is conducted by the members of the management board as liquidators, unless the articles of association or a resolution of the highest representative body appoints other persons. A legal person may also be a liquidator.
(2) For good cause, the court must appoint and remove liquidators where the supervisory board, or a minority of members to be specified in the articles of association, so applies. Section 402 of the Act on Proceedings in Family Matters and in Matters of Non-Contentious Jurisdiction applies correspondingly. The highest representative body may remove liquidators not appointed by the court at any time. The general provisions apply to claims arising from the contract of employment.
(3) Otherwise, section 265(4), sections 266 to 269, 270(1) and (2), first sentence, and sections 272 and 273 of the Stock Corporation Act apply correspondingly to the winding-up. Without prejudice to the correspondingly applicable section 270(2), third sentence, and (3), of the Stock Corporation Act, the provisions applicable to the preparation and audit of the association's annual financial statements and management report, and sections 175 and 176 of the Stock Corporation Act and sections 325 and 328 of the Commercial Code, apply mutatis mutandis to the opening balance sheet, the explanatory report, the annual financial statements, and the management report.