(1) Except as otherwise provided in sections 7-581203 and 7-90-908, a limited cooperative association is dissolved and its activities must be wound up:
Upon the occurrence of an event or at a time specified in the articles;
Upon the action of the association's organizers, board of directors, or members undersection 7-58-1205 or 7-58-1206; or
Ninety days after the dissociation of a member that results in the association havingone patron member and no other members, unless the association:
Has a sole member that is a cooperative; or
Not later than the end of the ninety-day period, admits at least one member in accordance with the articles or bylaws and has at least two members, at least one of which is a patron member.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 804, § 1, effective April 2, 2012.