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ROBERT L. EHRLICH, JR., Governor H.B. 1156
(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 thee 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.
SUBTITLE 6C. RURAL BROADBAND COOPERATIVES.
5-6C-91.
(A) A COOPERATIVE, NONPROFIT MEMBERSHIP CORPORATION MAY BE
ORGANIZED TO SUPPLY, PROMOTE, AND EXTEND THE USE OF BROADBAND
COMMUNICATION SERVICES IN RURAL AND UNDERSERVED AREAS.
(B) A COOPERATIVE ORGANIZED UNDER THIS SECTION SHALL BE ORGANIZED
AND GOVERNED BY SUBTITLE 5A OF THIS TITLE.
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