62.680 Articles of dissolution

194 words·~1 min read·/or/ors-chapter-62/cooperatives/dissolution/62-680

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

62.680 Articles of dissolution.

(1)If voluntary dissolution proceedings have not been revoked, articles of dissolution may be filed when all debts, liabilities and obligations of the cooperative have been paid and discharged or adequate provision has been made therefor, or all of the assets of the cooperative have been distributed to its creditors for application to the outstanding debts, obligations and liabilities of the cooperative to the fullest extent possible, and all of the remaining property and assets of the cooperative, if any, have been distributed to the persons entitled thereto. Articles of dissolution shall set forth:

(a)The name of the cooperative.

(b)The date dissolution was authorized.

(c)The number of member votes for and against the resolution.

(d)If shareholders were authorized to vote on the resolution, the total number of authorized shareholder votes, the numbers of such votes cast for and against the resolution and the number of such votes required by the articles for adoption thereof.

(2)A cooperative is dissolved upon the effective date of its articles of dissolution. [1957 c.716 §54; 1965 c.631 §24; 1981 c.633 §65; 1985 c.728 §72; 1987 c.94 §90; 1995 c.195 §34]