BLAIR LEE III, Acting Governor

1779

RECEIPTS OF THE PROCEEDS OF ANY DISSOLUTION OR MERGER OF THE
CONSUMER COOPERATIVE , LIQUIDATION, OR SALE OF THE ASSETS OF

THE CORPORATION EXCEPT AFTER PAYMENT OF NOT LESS THAN PAR

VALUE TO THE HOLDERS OF ANY CLASS OF OUTSTANDING CAPITAL

STOCK.

5-6A-07.

IF A CONSUMER COOPERATIVE HAS MORE THAN ONE CLASS OF

STOCK:

(1) WHEN STOCK IS PURCHASED, THE FIRST SHARE

ISSUED SHALL BE A VOTING STOCK; AND

(2) WHEN NONVOTING STOCK IS TRANSFERRED TO A

NONMEMBER, THE FIRST SHARE TRANSFERRED MUST BE REISSUED AS A
VOTING STOCK.

(3) (I) IF A MEMBER IS LESS THAN 18 YEARS OF

AGE, ALL SHARES ISSUED SHALL BE NONVOTING.
(II) WHEN A MEMBER BECOMES 18 YEARS OF

AGE, ONE SHARE OF NONVOTING STOCK MAY BE RETURNED TO THE

CONSUMER COOPERATIVE AND SHALL BE ISSUED AS A VOTING SHARE.

(4) A HUSBAND AND WIFE MAY OWN TWO SHARES OF

VOTING STOCK JOINTLY.

5-6A-08 5-6A-07.

IF A VOTING STOCK OR MEMBERSHIP HAS NOT VOTED AT LEAST

ONCE IN THE PREVIOUS 3 YEARS, IT MAY NOT BE INCLUDED IN THE

TWO THIRDS VOTE REQUIRED TO AMEND THE ARTICLES OF

INCORPORATION.

IN THE COMPUTATION OF THE NUMBER OF VOTES REQUIRED TO

AMEND THE CHARTER, THE CONSUMER COOPERATIVE SHALL EXCLUDE

FROM THE TOTAL NUMBER OF VOTING STOCKS OR MEMBERSHIPS___OF

WHICH A TWO-THIRDS AFFIRMATIVE VOTE IS REQUIRED, ANY VOTING

STOCK OR MEMBERSHIP THAT HAS NOT CAST A VOTE EITHER DURING

THE ELECTION BEING CONDUCTED OR AT LEAST ONCE DURING THE

PAST 3 YEARS.

5-6A-09 5-6A-08.

A CONSUMER COOPERATIVE MAY PROVIDE FOR THE DONATION OF

ITS NET ASSETS ANY SURPLUS AT THE TIME OF A DISSOLUTION,

LIQUIDATION, OR SALE OF ASSETS TO ANY ORGANIZATION TO WHICH
A DEDUCTIBLE CONTRIBUTION MAY BE MADE, ACCORDING TO THE
INTERNAL REVENUE CODE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
not to be construed to apply to agricultural cooperatives
commonly referred to as farm co-ops.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.