501A.1210 - DISSOLUTION ACTION BY ATTORNEY GENERAL -- ADMINISTRATIVE DISSOLUTION.

        501A.1210  DISSOLUTION ACTION BY ATTORNEY GENERAL --      ADMINISTRATIVE DISSOLUTION.         1.  Conditions to begin action.  A cooperative may be      dissolved involuntarily by a decree of a court in this state in an      action filed by the attorney general if it is established that any of      the following applies:         a.  The articles and certificate of organization were procured      through fraud.         b.  The cooperative was organized for a purpose not permitted      by this chapter or prohibited by state law.         c.  The cooperative has flagrantly violated a provision of      this chapter, has violated a provision of this chapter more than      once, or has violated more than one provision of this chapter.         d.  The cooperative has acted, or failed to act, in a manner      that constitutes surrender or abandonment of the cooperative's      franchise, privileges, or enterprise.         2.  Notice to cooperative.  An action shall not be commenced      under subsection 1 until thirty days after notice to the cooperative      by the attorney general of the reason for the filing of the action.      If the reason for filing the action is an act that the cooperative      has done, or omitted to do, and the act or omission may be corrected      by an amendment of the articles or bylaws or by performance of or      abstention from the act, the attorney general shall give the      cooperative thirty additional days to make the correction before      filing the action.  
         Section History: Recent Form
         2005 Acts, ch 135, §94