Section 5-631 - Dissolution - Cooperatives that have not begun doing business.
§ 5-631. Dissolution - Cooperatives that have not begun doing business.
(a) In general.- A cooperative that has not begun doing business may be dissolved by filing articles of dissolution for record with the Department.
(b) Execution of articles of dissolution.- The articles of dissolution shall be signed and acknowledged for the cooperative by a majority of the incorporators of the cooperative.
(c) Contents of articles of dissolution.- The articles of dissolution shall contain:
(1) The name of the cooperative and the address of its principal office; and
(2) A statement that:
(i) The cooperative has not begun doing business;
(ii) Any money received by the cooperative, less any disbursements for expenses of the cooperative, has been returned or paid to the persons entitled to the money;
(iii) All debts of the cooperative have been paid; and
(iv) A majority of the incorporators of the cooperative elect that the cooperative be dissolved.
[2002, ch. 135, § 3.]