Sec. 60. Dissolution and termination.
75 words·~1 min read·
/il/chapter-805/act-317/60A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 60. Dissolution and termination. A limited worker cooperative association may be dissolved by
(1)a two-thirds vote of the assembly,
(2)a majority vote of the assembly as stated in the cooperative agreement, or
(3)administratively. The vote shall be in accordance with Section 55, and upon dissolution of its business and activities must be wound up and terminated in the manner provided under the Limited Liability Company Act for a limited liability company.