FORMATION OF LIMITED COOPERATIVE ASSOCIATION; ARTICLES OF ORGANIZATION.

(a) To form a limited cooperative association, an organizer of the association must deliver articles of organization to the Secretary of State for filing. The articles must state:

(1) The name of the association;

(2) The purposes for which the association is formed;

(3) The street address and, if different, mailing address of the association’s initial designated office and the name of the association’s initial agent for service of process at the designated office;

(4) The street address and, if different, mailing address of the initial principal office;

(5) The name and street address and, if different, mailing address of each organizer; and

(6) The term for which the association is to exist if other than perpetual.

(b) Subject to subsection (a) of Section 13 of this act, articles of organization may contain any other provisions in addition to those required by subsection (a) of this section.

(c) A limited cooperative association is formed after articles of organization that substantially comply with subsection (a) of this section are delivered to the Secretary of State, are filed, and become effective under subsection (c) of Section 23 of this act.

(d) If articles of organization filed by the Secretary of State state a delayed effective date, a limited cooperative association is not formed if, before the articles take effect, an organizer signs and delivers to the Secretary of State for filing a statement of cancellation.

Added by Laws 2009, c. 68, § 30, eff. Jan. 1, 2010.