616.051 Dissolving a charter.—Any fair association desiring to dissolve its charter may do so by resolution as provided in its bylaws. The proposal for dissolving the charter shall be submitted to the department for approval. Upon approval and upon publication of notice and proof 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 its public funds remaining to be distributed as recommended by the board of directors.
