501.801 Dissolution by organizers or initial directors.
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/ia/chapter-501-closed-cooperatives/501-801·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A majority of the organizers or initial directors of a cooperative that has not issued interests or has not commenced business may dissolve the cooperative by delivering to the secretary of state for filing articles of dissolution that set forth all of the following:
1. The name of the cooperative.
2. The date of its organization.
3. Either of the following:
a. That none of the cooperative’s interests have been issued.
b. That the cooperative has not commenced business.
4. That no debt of the cooperative remains unpaid.
5. That the net assets of the cooperative remaining after winding up have been distributed in accordance with this chapter and the articles of association of the cooperative.
6. That a majority of the organizers or initial directors authorized the dissolution.
98 Acts, ch 1152, §51, 69
Referred to in §9.11