351.1168. Dissolution, interests in property may be conveyed, when.

220 words·~1 min read·/mo/chapter-351/351-1168

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

351.1168. Dissolution, interests in property may be conveyed, when. — 1. After the notice of intent to dissolve has been filed with the secretary of state, the board, or the officers acting under the direction of the board shall proceed as soon as possible:

(1)To collect or make provision for the collection of all debts due or owing to the cooperative, including unpaid subscriptions for shares; and

(2)To pay or make provision for the payment of all debts, obligations, and liabilities of the cooperative according to their priorities.

2. After the notice of intent to dissolve has been filed with the secretary of state, the board may sell, lease, transfer, or otherwise dispose of all or substantially all of the property and assets of the dissolving cooperative without a vote of the members.

3. Tangible and intangible property, including money, remaining after the discharge of the debts, obligations, and liabilities of the cooperative shall be distributed to the members and former members as provided in the articles or bylaws, which may be on the basis of such member's patronage with the cooperative, unless otherwise provided by law. If previously authorized by the members, the tangible and intangible property of the cooperative may be liquidated and disposed of at the discretion of the board.

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(L. 2011 S.B. 366)