Dissolving a charter.

(1) A fair association may dissolve its charter by resolution as provided in its charter or bylaws. The proposal for dissolving the charter shall be submitted to the department for approval.

(2) Upon approval by the department and upon presentation of sufficient evidence demonstrating that all indebtedness has been paid and no claims are outstanding against the association, the circuit judge may, by decree, dissolve the association and order the distribution of its remaining assets. Such assets must be distributed, by resolution of the board of directors, to the county in which the principal office of the association is located unless otherwise specified by the deed of the property held by the association.