35-18-404. Dissolution of cooperative which has not commenced business. (1) A cooperative which has not commenced business may dissolve voluntarily by delivering to the secretary of state articles of dissolution, executed on behalf of the cooperative by a majority of the incorporators, which shall state:
(a) the name of the cooperative;
(b) the address of its principal office;
(c) the date of its incorporation;
(d) that the cooperative has not commenced business;
(e) that the amount, if any, actually paid in on account of membership fees, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto and that all easements shall have been released to the grantors;
(f) that no debt of the cooperative remains unpaid; and
(g) that a majority of the incorporators elect that the cooperative be dissolved.
(2) Such articles of dissolution shall be submitted to the secretary of state for filing as provided in this chapter.
History: En. Sec. 18, Ch. 172, L. 1939; R.C.M. 1947, 14-518(a); amd. Sec. 46, Ch. 174, L. 1983.
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