Voluntary dissolution

7-58-1202. Voluntary dissolution. (1) Except as otherwise provided in sections 7-58-1203 and 7-90-908, a limited cooperative association is dissolved and its activities must be wound up: (a) Upon the occurrence of an event or at a time specified in the articles; (b) Upon the action of the association's organizers, board of directors, or members under section 7-58-1205 or 7-58-1206; or (c) Ninety days after the dissociation of a member that results in the association having one patron member and no other members, unless the association: (I) Has a sole member that is a cooperative; or (II) Not later than the end of the ninety-day period, admits at least one member in accordance with the articles or bylaws and has at least two members, at least one of which is a patron member. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 804, � 1, effective April 2, 2012.