(1) Except as otherwise provided in section 7-58-1205, for a limited cooperative association to voluntarily dissolve:
A resolution to dissolve must be approved by a majority vote of the board of directors unless a greater percentage is required by the articles or bylaws;
The board of directors must call a members meeting to consider the resolution, to beheld not later than ninety days after adoption of the resolution; and
The board of directors must mail or otherwise transmit or deliver to each member ina record that complies with section 7-58-508:
The resolution required by paragraph (a) of this subsection (1);
A recommendation that the members vote in favor of the resolution or, if the boarddetermines that because of conflict of interest or any other reason it should not make a favorable recommendation, the basis of that determination; and
Notice of the members meeting, which must be given in the same manner as noticeof a special meeting of members.
(2) Subject to subsection (3) of this section, a resolution to dissolve must be approved by:
At least two-thirds of the voting power of members present at a members meetingcalled under paragraph (b) of subsection (1) of this section; and
If the limited cooperative association has investor members, at least a majority of thevotes cast by patron members, unless the articles or bylaws require a greater percentage.
(3) The articles or bylaws may require that the percentage of votes required under paragraph (a) of subsection (2) of this section is:
A different percentage that is not less than a majority of members voting at the meeting;
Measured against the voting power of all members; or
A combination of paragraphs (a) and (b) of this subsection (3).
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 806, § 1, effective April 2, 2012.