Section 10.25.310. Dissolution of cooperative that has not commenced business.

A cooperative that has not commenced business may be dissolved by delivering articles of dissolution to the commissioner.  A majority of the incorporators shall execute and acknowledge articles of dissolution on behalf of the cooperative.  The articles must state
        (1) the name of the cooperative;
        (2) the address of its principal office;
        (3) that the cooperative has not commenced business;
        (4) that sums received by the cooperative, less that part disbursed for expenses of the cooperative, have been returned or paid to those entitled to them;
        (5) that no debt of the cooperative is unpaid;
        (6) that a majority of the incorporators elect to dissolve the cooperative.

Notes

History

(Sec. 21(1) ch 93 SLA 1959)