If a cooperative has not yet issued memberships, a majority of its directors or, if the initial directors designated in the articles have not met or if not designated in the articles have not been elected, a majority of its incorporators, may authorize the dissolution of the cooperative.
Source: L. 96: Entire article R&RE, p. 522, § 1, effective July 1.
Editor’s note: This section is similar to former § 7-55-114 as it existed prior to 1996.