(1) Any cooperative formed under or that has elected to be subject to this article may relinquish being bound by the provisions of this article by amending its articles in the manner provided in section 7-56-202 (2); except that the amendment shall be approved by a two-thirds majority of all the members present and voting in person or in any other manner authorized by the cooperative pursuant to section 7-56-305 (1) unless a greater vote is required by the articles or bylaws.
(2) The board shall present to the members for approval, as described in subsection (1) of this section, a plan to relinquish the provisions of this article, including:
A statement as to what type of business entity the cooperative is to become after theplan has been adopted;
A statement as to what will be the effect on equities of the cooperative after the planhas been adopted; and
A statement as to the procedures and mechanisms for changing the cooperative toanother type of entity.
(3) Amendments to the articles shall be delivered to the secretary of state for filing pursuant to part 3 of article 90 of this title.
Source: L. 96: Entire article R&RE, p. 488, § 1, effective July 1. L. 2002: (3) amended,
p. 1817, § 21, effective July 1; (3) amended, p. 1681, § 19, effective October 1.