§ 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.
§ 43-38-1015. Dissolution Under the Supervision of the Court
After a notice of intent to dissolve has been filed with the secretary of state and before a certificate of dissolution has been issued, the cooperative or, for good cause shown, a member or creditor, may apply to a court within the county where the registered address is located to have the dissolution conducted or […]
§ 43-38-1016. Judicial Intervention
A court may grant any equitable relief it considers just and reasonable in the circumstances or may dissolve a cooperative or direct that the dissolved entity is merged into another or new cooperative or other entity on the terms and conditions the court deems equitable.
§ 43-38-1017. Judicial Dissolution
On application by the attorney general and reporter, or by or for a member, the court may decree dissolution of a cooperative whenever it is not reasonably practicable to carry on the business in conformity with the articles and the operating agreement. The dissolution is effective upon the decree of dissolution becoming final and not […]
§ 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 […]
§ 43-38-1009. Collection and Payment of Debts — Transfer of Assets — Distribution to Members
After the notice of intent to dissolve has been filed with the secretary of state, the board, or the officers acting under the direction of the board, shall proceed as soon as possible to: Collect or make provision for the collection of all debts due or owing to the cooperative, including unpaid subscriptions for shares; […]
§ 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: […]