ADMINISTRATIVE DISSOLUTION.

(a) The Secretary of State may dissolve a limited cooperative association administratively if the association does not:

(1) Pay, not later than sixty (60) days after the due date, any fee, tax, or penalty due to the Secretary of State under the Uniform Limited Cooperative Association Act of 2009 or other law; or

(2) Deliver not later than sixty (60) days after the due date its annual report to the Secretary of State.

(b) If the Secretary of State determines that a ground exists for dissolving a limited cooperative association administratively, the Secretary of State shall file a record of the determination and serve the association with a copy of the record.

(c) If, not later than sixty (60) days after service of a copy of the Secretary of State’s determination under subsection (b) of this section, the association does not correct each ground for dissolution or demonstrate to the satisfaction of the Secretary of State that each uncorrected ground determined by the Secretary of State does not exist, the Secretary of State shall dissolve the association administratively by preparing and filing a declaration of dissolution which states the grounds for dissolution. The Secretary of State shall serve the association with a copy of the declaration.

(d) A limited cooperative association that has been dissolved administratively continues its existence only for purposes of winding up its activities.

(e) The administrative dissolution of a limited cooperative association does not terminate the authority of its agent for service of process.

Added by Laws 2009, c. 68, § 112, eff. Jan. 1, 2010.