Sec. 10.25.320. Dissolution of cooperative that has commenced business.
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Sec. 10.25.320. Dissolution of cooperative that has commenced business.
(a)A cooperative that has commenced business may be dissolved in the manner set out in this section.
(b)The proposition to dissolve shall be submitted to the members of the cooperative. The notice must state the proposition.
(c)The proposition is approved by the affirmative vote of at least two-thirds of the members voting on the proposition if the number of members voting to approve it constitutes a majority of all members of the cooperative.
(d)Upon approval, a certificate of election to dissolve, hereafter designated the “certificate,” executed and acknowledged on behalf of the cooperative by its presiding officer under its seal, attested by the officer designated by the board, shall be submitted to the commissioner for filing together with an affidavit by the officer executing the certificate stating that the statements in the certificate are true. The certificate must state the name of the cooperative, the address of its principal office, and that the members of the cooperative have voted to dissolve the cooperative.