35-19-313. Dissolution of buying cooperative that has not commenced business. (1) A buying cooperative that has not commenced business may dissolve voluntarily by delivering to the secretary of state articles of dissolution, executed on behalf of the buying cooperative by a majority of the incorporators. The articles of dissolution must state:
     (a) the name of the buying cooperative;
     (b) the address of its principal office;
     (c) the date of its incorporation;
     (d) that the buying cooperative has not commenced business;
     (e) that the amount, if any, actually paid in on account of membership fees, less any part of the amount disbursed for necessary expenses, has been returned to those entitled to money;
     (f) that there are not any unpaid buying cooperative debts; and
     (g) that a majority of the incorporators elect that the buying cooperative be dissolved.
     (2) The articles of dissolution must be submitted to the secretary of state for filing, as provided in this chapter.

     History: En. Sec. 25, Ch. 575, L. 1999.