A. At a meeting of the burial association held in accordance with the bylaws of such association, the burial association may vote to dissolve the association.

B. Upon the affirmative order of the burial association, the burial association shall be deemed dissolved. The board of directors of the burial association shall file notice of such dissolution with the Secretary of State.

C. All debts, liabilities and obligations of the association shall be paid and discharged upon the dissolution of the burial association. The association shall issue a certificate of guarantee for the full amount of the policy to each beneficiary. The certificate of guarantee may be redeemed for goods and services only at the time the death of the beneficiary occurs and shall not be redeemed for cash.

D. Upon filing with the Secretary of State of notice of dissolution, the association shall cease to carry on its business except insofar as may be necessary for the winding up thereof.

E. Each member of the burial association shall be notified of the dissolution of the association.

F. The Oklahoma State Board of Embalmers and Funeral Directors shall be provided notice within ten (10) days of the dissolution of any association. A list of all members who have been provided certificates of guarantee shall be provided to the Oklahoma State Board of Embalmers and Funeral Directors and will be maintained in the records of the Oklahoma State Board of Embalmers and Funeral Directors.

G. Upon request of notice of dissolution and compliance with the provisions of this section, the Secretary of State shall issue a certificate of dissolution for the association.