Except as otherwise provided in §§ 29-1012.03 and 29-106.02, a limited cooperative association is dissolved and its activities shall be wound up:
(1) Upon the occurrence of an event or at a time specified in the articles of organization;
(2) Upon the action of the association’s organizers, board of directors, or members under § 29-1012.04 or § 29-1012.05; or
(3) Ninety days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association:
(A) Has a sole member that is a cooperative; or
(B) Not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least 2 members, at least one of which is a patron member.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Section ReferencesThis section is referenced in § 29-1001.09 and § 29-1005.02.
Editor's NotesUniform Law: This section is based on § 1202 of the Uniform Limited Cooperative Association Act.