Sec. 62. Procedure for administrative dissolution.
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/il/chapter-805/act-317/62A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 62. Procedure for administrative dissolution.
(a)After the Secretary of State determines that one or more grounds, as set forth in Section 35-25 of the Limited Liability Company Act, exist for the administrative dissolution of a limited worker cooperative association, the Secretary of State shall send a notice of delinquency by regular mail to the delinquent limited worker cooperative association at its registered office or, if the limited worker cooperative association has failed to maintain a registered office, then to the last known address shown on the records of the Secretary of State for the principal place of business of the limited worker cooperative association.
(b)If the limited worker cooperative association does not correct the default described in paragraph
(1)or
(2)of Section 35-25 of the Limited Liability Company Act within 120 days following the date of the notice of delinquency, the Secretary of State shall thereupon dissolve the limited worker cooperative association by issuing a certificate of dissolution that recites the grounds for dissolution and its effective date. If the limited worker cooperative association does not correct the default described in paragraph (2.5), (3), (4), or
(5)of Section 35-25 of the Limited Liability Company Act within 60 days following the notice, the Secretary of State shall dissolve the limited worker cooperative association by issuing a certificate of dissolution that recites the grounds for dissolution and its effective date. The Secretary of State shall file the original of the certificate in his or her office and mail one copy to the limited worker cooperative association at its registered office or, if the limited worker cooperative association has failed to maintain a registered office, then to the last known address shown on the records of the Secretary of State for the principal place of business of the limited worker cooperative association.
(c)Upon the administrative dissolution of a limited worker cooperative association, a dissolved limited worker cooperative association shall continue for only the purpose of winding up its business. A dissolved limited worker cooperative association may take all action authorized under Section 1-30 of the Limited Liability Company Act or otherwise necessary or appropriate to wind up its business and affairs and terminate.