§ 308B.903 Notice Of Intent To Dissolve

In plain language#

Dissolution starts with a notice of intent to dissolve, filed with the Secretary of State before the cooperative begins dissolution. The notice must contain (1) the cooperative's name, (2) the date and place of the members' meeting at which the resolution was approved, and (3) a statement that the requisite vote of the members approved the dissolution.

How it works in practice#

• Filing the notice has consequences elsewhere in the chapter: it starts the winding-up duties in § 308B.905 and begins the two-year period after which creditor claims are barred under § 308B.915. It also opens the window to ask a court to supervise the dissolution under § 308B.925.
• For the ordinary meeting route, arrange member approval and notice under the applicable meeting rules and record the date and place required in the filing. § 308B.541 separately permits member written action; before using that method, address with counsel how the notice's express meeting-information requirement will be satisfied.

Related#

• Methods of dissolution: § 308B.901
• Winding up: § 308B.905
• Revoking dissolution: § 308B.911
• Articles of dissolution: § 308B.921