MARVIN MANDEL, Governor

381

DEPARTMENT OF ASSESSMENTS AND TAXATION. The board of
directors shall immediately cause notice of the
dissolution proceedings to be mailed to each known
creditor of and claimant against the cooperative and to
be published once a week for two successive weeks in a
newspaper of general circulation in the county in which
the principal office of the cooperative is located. The
board of directors shall wind up and settle the affairs
of the cooperative, collect sums owing to it, liquidate
its property and assets, pay and discharge its debts,
obligations and liabilities, and do all other things
required to wind up its business, and after paying or
discharging or adequately providing for the payment or
discharge of all its debts, obligations and liabilities,
shall distribute any remaining sums among its members and
former members in proportion to the patronage of the
respective members or former members during the seven
years next preceding the date of the filing of the
certificate by the [State Tax Commission] DEPARTMENT OF
ASSESSMENTS AND TAXATION, or if the cooperative has not
been in existence for such period then during the period
of its existence prior to such filing. The board of
directors shall thereupon authorize the execution of
articles of dissolution, which shall be executed and
acknowledged on behalf of the cooperative by its
president or vice-president, and its seal shall be
affixed thereto and attested by its secretary. The
articles of dissolution shall recite that they are
executed pursuant to this [subheading] ACT and shall
state: (1) the name of the cooperative; (2) the address
of its principal office; (3) the date on which the
certificate of election to dissolve was filed by the
[State Tax Commission] DEPARTMENT OF ASSESSMENTS AND
TAXATION; (4) that there are no actions or suits pending
against the cooperative; (5) that all debts, obligations
and liabilities of the cooperative have been paid and
discharged or that adequate provision has been made
therefor; and (6) that the preceding provisions of this
subsection have been duly complied with. The president
or vice—president executing the articles of dissolution
shall make and annex thereto an affidavit stating that
the statements made therein are true.

[400] 22. Filing of articles.

Articles of incorporation, amendment, consolidation,
merger, conversion, or dissolution, when executed and
acknowledged and accompanied by such affidavits as may be
required by applicable provisions of this [subheading]
ACT, shall be presented to the [State Tax Commission]
DEPARTMENT OF ASSESSMENTS AND TAXATION for filing in the
records of its office. If the [State Tax Commission]
DEPARTMENT OF ASSESSMENTS AND TAXATION shall find that
the articles presented conform to the requirements of
this [subheading] ACT, it shall, upon the payment of the
fees as in this [subheading] ACT provided, file such
articles in the records of its office and upon such
filing the incorporation, amendment, consolidation,