Section 10.25.330. Effect of filing certificate of dissolution and affidavit; corporate existence; involuntary dissolution.

   (a) Upon the filing of the certificate and affidavit by the commissioner, the cooperative shall cease to carry on its business except to the extent necessary for the winding up of business. However, its corporate existence continues until articles of dissolution have been filed by the commissioner.
   (b) A cooperative that does not file its articles of dissolution within two years after the date of filing the certificate mentioned in (a) of this section shall be involuntarily dissolved by the commissioner. Before dissolving the cooperative under this subsection, the commissioner shall give the cooperative written notice of the pending dissolution by mailing the notice to the cooperative. The commissioner shall mail the notice and any subsequent certificate of dissolution to the cooperative in the same manner as required for notices and certificates of involuntary dissolution under AS 10.06.633(i).

Notes

History

(Sec. 21(2) ch 93 SLA 1959; am Sec. 51 ch 170 SLA 1976; am Sec. 5 ch 45 SLA 1999)