Sec. 10.15.460. Voluntary dissolution by act of cooperative.
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Sec. 10.15.460. Voluntary dissolution by act of cooperative.
(a)A cooperative may be dissolved by the act of the cooperative, when authorized in the manner set out in this section.
(b)The board shall adopt a resolution directing the question of dissolution to be submitted to a vote at an annual or special meeting of members.
(c)Written notice shall be given to each member in the manner provided in this chapter for the giving of notice of meetings of members, and must state that the purpose, or one of the purposes, of the meeting is to consider the advisability of dissolving the cooperative.
(d)At the meeting a vote of members shall be taken on a resolution to dissolve the cooperative. The resolution is adopted if it receives the affirmative vote of two-thirds of the member votes cast. The articles may permit shareholders to vote on a resolution for dissolution, and may fix the proportion of authorized shareholder votes required for adoption.