§ 43-38-1018. Procedure for Judicial Dissolution
In dissolution proceedings, before a hearing is completed, the court may: Issue injunctions; Appoint receivers with all powers and duties that the court directs; Take actions required to preserve the cooperative’s assets wherever located; and Carry on the business of the cooperative. After a hearing is completed, on notice the court directs to be given […]
§ 43-38-1019. Receivership
A receiver shall be a natural person or a domestic corporation in this state. A receiver shall give a bond as directed by the court with the sureties required by the court. A receiver may sue and defend in all courts as receiver of the cooperative. The court appointing the receiver has exclusive jurisdiction of […]
§ 43-38-1010. Known and Unknown Claims Against Cooperative
When a notice of dissolution has been filed with the secretary of state, and the business of the cooperative is not to be wound up and terminated by merging the dissolved cooperative into a successor organization under § 43-38-122, then the cooperative may give notice of the filing to each creditor of and claimant against […]
§ 43-38-1011. Claims Against Dissolving Cooperative
The claim of a creditor or claimant against a dissolving cooperative is barred if the claim has not been enforced by initiating legal, administrative or arbitration proceedings concerning the claim by two (2) years after the date the notice of intent to dissolve is filed with the secretary of state.
§ 43-38-1012. Filing of Articles of Termination Upon Dissolution and Completion of Winding Up of Cooperative
The articles of termination shall be filed with the secretary of state upon the dissolution and the completion of winding up the cooperative. Articles of termination shall set forth: The name of the cooperative; The date of filing of its articles of organization; The reason for the filing of the articles of termination; Whether known […]
§ 43-38-1013. Revocation of Dissolution Proceedings
Dissolution proceedings may be revoked before the articles of dissolution are filed with the secretary of state. The chair may call a members’ meeting to consider the advisability of revoking the dissolution proceedings. The question of the proposed revocation shall be submitted to the members at the members’ meeting called to consider the revocation. The […]
§ 43-38-1014. Termination of Existence
The existence of the cooperative is terminated upon the filing of articles of termination with the secretary of state.
§ 43-38-904. Liability for Unlawful Distribution
Unless the member or director complies with the applicable standards of conduct set forth in § 43-38-616, a member or director who votes for or assents to a distribution made in violation of § 43-38-903 or the articles or bylaws is personally liable to the cooperative for the amount of the distribution that exceeds what […]
§ 43-38-1001. Dissolution by Organizers or Initial Directors
A majority of the organizers or initial directors of a cooperative that has not issued membership interest or has not commenced business may dissolve the cooperative by delivering to the secretary of state for filing articles of dissolution and termination that set forth: The name of the cooperative; The date of its incorporation; Either that: […]
§ 43-38-1002. Voluntary Dissolution
A cooperative may be voluntarily dissolved by the written consent of its members in accordance with § 43-38-1008. A cooperative’s board of directors may propose dissolution for submission to the members. For a proposal to dissolve to be adopted: The board of directors shall recommend dissolution to the members unless the board of directors determines […]