§ 1202.
151 words·~1 min read·
/vt/1202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1202. Nonjudicial dissolution
Except as otherwise provided in sections 1203 and 1211 of this title, a mutual benefit enterprise is dissolved and its activities shall be wound up:
(1)upon the occurrence of an event or at a time specified in the articles of organization;
(2)upon the action of the enterprise’s organizers, board of directors, or members under section 1204 or 1205 of this title; or
(3)90 days after the dissociation of a member, which results in the enterprise having one patron member and no other members, unless the enterprise:
(A)has a sole member that is a cooperative; or
(B)not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)