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. […]
After memberships have been issued, dissolution of a cooperative may be authorized in the following manner: The board, by a two-thirds majority vote of all its members, shall first adopt a resolution recommending dissolution that conforms to the requirements of paragraph (c) of this subsection (1); The board shall submit the resolution adopted pursuant to […]
At any time after dissolution is authorized, the cooperative may dissolve by delivering to the secretary of state, for filing pursuant to part 3 of article 90 of this title, articles of dissolution stating: The domestic entity name of the cooperative; The principal office address of the cooperative’s principal office; and That the cooperative is […]
A dissolved cooperative continues its existence but may not carry on any business except as is appropriate to wind up and liquidate its business and affairs, including: Collecting its assets; Disposing of its assets that will not be distributed in kind to its members or equity holders; Discharging or making provision for discharging its liabilities; […]
A cooperative may be dissolved in a proceeding brought in court by the attorney general if it is established that: The cooperative obtained its organization through fraud; or The cooperative has exceeded or abused the authority conferred upon it by law. A cooperative may be dissolved in a proceeding brought in court by not less […]
A proceeding to dissolve a cooperative brought by the attorney general shall be brought in the district court for the county in this state in which the street address of the cooperative’s principal office is located or, if the cooperative has no principal office in this state, in the district court for the county in […]
A court in a proceeding to dissolve a cooperative may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage the business and affairs, of the cooperative. The court shall hold a hearing, after giving notice to all parties to the proceeding and any interested persons designated by […]
If after a hearing the court determines that one or more grounds for judicial dissolution described in section 7-56-714 exist, it may enter a decree dissolving the cooperative and stating the effective date of the dissolution, and the clerk of the court shall deliver a certified copy of the decree to the secretary of state, […]
In the winding up of the affairs of a cooperative when certain assets are not liquid and secured creditors having claim on these assets have been satisfied, the trustees in liquidation or other persons charged with winding up the cooperative’s affairs are authorized to make assignment of such assets to the unsecured creditors in settlement […]
