501A.1203 - REVOCATION OF DISSOLUTION PROCEEDINGS.
501A.1203 REVOCATION OF DISSOLUTION PROCEEDINGS. 1. Authority to revoke. Dissolution proceedings may be revoked before the articles of dissolution are filed with the secretary. 2. Revocation by members. The chairperson 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 dissolution proceedings are revoked if the proposed revocation is approved at the members' meeting by a majority of the members of the cooperative or, for a cooperative with articles or bylaws requiring a greater number of members, the number of members required by the articles or bylaws. 3. Filing with the secretary. Revocation of dissolution proceedings is effective when a notice of revocation is filed with the secretary. After the notice is filed, the cooperative may resume business.
Section History: Recent Form 2005 Acts, ch 135, §87