NONJUDICIAL DISSOLUTION. Except as otherwise provided in Sections 104 and 112 of this act, a limited cooperative association is dissolved and its activities must be wound up:
(1) Upon the occurrence of an event or at a time specified in the articles of organization;
(2) Upon the action of the association’s organizers, board of directors, or members under Section 105 or 106 of this act; or
(3) Ninety (90) days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association:
(A)has a sole member that is a cooperative; or
(B)not later than the end of the ninety-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member.
Added by Laws 2009, c. 68, § 103, eff. Jan. 1, 2010.
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