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ROBERT L. EHRLICH, JR, Governor Ch. 269
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(3) The trustees, on behalf of the cooperative and within a time fixed in
their designation or within any extension thereof, shall liquidate the assets of the
cooperative and distribute the assets in the manner set forth in this section.
(c) A suit for involuntary dissolution of the cooperative organized under this
subtitle may be instituted for the causes and prosecuted in the manner set forth in
the general corporate law of Maryland. Assets shall be distributed in a manner set
forth in this subtitle.
(d) When a cooperative is dissolved, its assets shall be distributed in the
following manner and order:
(1) By paying its debts and expenses;
(2) By returning to the members the lesser of parvalue or book value of
their shares, their membership capital, or allocated equity;
(3) By returning to the subscribers the lesser of parvalue or book value of
amounts paid on their subscriptions;
(4) By returning to eligible patrons the lesser of parvalue or book value
of the amount of net savings credited to their accounts toward the purchase of shares
or membership; and
(5) By distributing any surplus as a gift to another cooperative or to a
nonprofit, tax exempt enterprise.
(E) (1) A COOPERATIVE THAT HAS NOT BEGUN DOING BUSINESS MAY BE
DISSOLVED BY FILING ARTICLES OF DISSOLUTION FOR RECORD WITH THE
DEPARTMENT.
(2) THE ARTICLES OF DISSOLUTION SHALL BE SIGNED AND
ACKNOWLEDGED FOR THE COOPERATIVE BY A MAJORITY OF THE INCORPORATORS
OF THE COOPERATIVE.
(3) THE ARTICLES OF DISSOLUTION SHALL CONTAIN;
(I) THE NAME OF THE COOPERATIVE AND THE ADDRESS OF ITS
PRINCIPAL OFFICE; AND
(II) A STATEMENT THAT:
1. THE COOPERATIVE HAS NOT BEGUN DOING BUSINESS;
2. ANY MONEY RECEIVED BY THE COOPERATIVE, LESS ANY
DISBURSEMENTS FOR EXPENSES OF THE COOPERATIVE, HAS BEEN RETURNED OR
PAID TO THE PERSONS ENTITLED TO THE MONEY;
3. ALL DEBTS OF THE COOPERATIVE HAVE BEEN PAID; AND
4. A MAJORITY OF THE INCORPORATORS OF THE
COOPERATIVE ELECT THAT THE COOPERATIVE BE DISSOLVED.
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- 1539 -
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