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PARRIS N. GLENDENING, Governor
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Ch. 135
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(3) THE CHAIRMAN OR VICE-CHAIRMAN WHO SIGNS THE CERTIFICATE
FOR THE COOPERATIVE SHALL MAKE AND ATTACH TO THE CERTIFICATE AN
AFFIDAVIT STATING THAT THE STATEMENTS MADE IN THE CERTIFICATE ARE TRUE.
(4) THE CERTIFICATE AND AFFIDAVIT SHALL BE FILED FOR RECORD
WITH THE DEPARTMENT.
(D) CESSATION OF BUSINESS OF COOPERATIVE AND WINDING UP OF ITS
AFFAIRS.
(1) (I) ON THE DEPARTMENTS ACCEPTANCE FOR RECORD OF THE
CERTIFICATE OF ELECTION TO DISSOLVE AND AFFIDAVIT, THE COOPERATIVE SHALL
CEASE DOING BUSINESS EXCEPT TO THE EXTENT NECESSARY TO WIND UP ITS
BUSINESS AND AFFAIRS.
(II) THE CORPORATE EXISTENCE OF THE COOPERATIVE SHALL
CONTINUE UNTIL ARTICLES OF DISSOLUTION HAVE BEEN ACCEPTED FOR RECORD
BY THE DEPARTMENT.
(2) THE BOARD OF DIRECTORS IMMEDIATELY SHALL CAUSE NOTICE OF
THE DISSOLUTION PROCEEDINGS TO BE:
(I) MAILED TO EACH KNOWN CREDITOR OF AND CLAIMANT
AGAINST THE COOPERATIVE; AND
(II) PUBLISHED ONCE A WEEK FOR 2 SUCCESSIVE WEEKS IN A
NEWSPAPER OF GENERAL CIRCULATION PUBLISHED IN THE COUNTY IN WHICH THE
PRINCIPAL OFFICE OF THE COOPERATIVE IS LOCATED.
(3) THE BOARD SHALL COLLECT MONEY OWING TO THE COOPERATIVE,
LIQUIDATE ITS ASSETS, DISCHARGE ITS DEBTS, OBLIGATIONS, AND LIABILITIES, AND
DO ALL OTHER ACTS REQUIRED TO WIND UP THE BUSINESS AND AFFAIRS OF THE
COOPERATIVE.
(4) (I) AFTER DISCHARGING, OR ADEQUATELY PROVIDING FOR THE
DISCHARGE OF, ALL OF THE DEBTS, OBLIGATIONS, AND LIABILITIES OF THE
COOPERATIVE, THE BOARD SHALL DISTRIBUTE ANY REMAINING MONEY AMONG THE
CURRENT AND FORMER MEMBERS OF THE COOPERATIVE.
(II) THE MONEY SHALL BE DISTRIBUTED IN PROPORTION TO THE
PATRONAGE OF EACH CURRENT OR FORMER MEMBER:
1. DURING THE 7-YEAR PERIOD IMMEDIATELY PRECEDING
THE DATE ON WHICH THE CERTIFICATE OF ELECTION TO DISSOLVE IS ACCEPTED
FOR RECORD BY THE DEPARTMENT; OR
2. IF THE COOPERATIVE HAS BEEN IN EXISTENCE FOR LESS
THAN 7 YEARS, DURING THE PERIOD OF ITS EXISTENCE.
(E) EXECUTION OF ARTICLES OF DISSOLUTION.
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- 1435 -
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