§18-441-1503. Notice and action on disposition of assets.
194 words·~1 min read·
/ok/title-18-corporations/18-441-1503·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NOTICE AND ACTION ON DISPOSITION OF ASSETS. For a limited cooperative association to dispose of assets under Section 131 of this act:
(1)A majority of the board of directors, or a greater percentage if required by the organic rules, must approve the proposed disposition; and
(2)The board of directors must call a members meeting to consider the proposed disposition, hold the meeting not later than ninety
(90)days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:
(A)the terms of the proposed disposition;
(B)a recommendation that the members approve the
disposition, or if the board determines that because
of conflict of interest or other special circumstances
it should not make a favorable recommendation, the
basis for that determination;
(C)a statement of any condition of the board’s submission
of the proposed disposition to the members; and
(D)notice of the meeting at which the proposed
disposition will be considered, which must be given in
the same manner as notice of a special meeting of
members. Added by Laws 2009, c. 68, § 132, eff. Jan. 1, 2010.