Subdivision 1. Authority to revoke. Dissolution proceedings may be revoked before the articles of dissolution are filed with the secretary of state.
Subd. 2. Revocation by members. The chair or president may call a members' meeting to consider the advisability of revoking the dissolution proceedings. The question of the proposed revocation must be submitted to the members at the members' meeting called to consider the revocation. The dissolution proceedings are revoked if the proposed revocation is approved at the members' meeting by a majority of the members of the cooperative, or for a cooperative with articles or bylaws requiring a greater number of members, the number of members required by the articles or bylaws.
Subd. 3. Filing with secretary of state. Revocation of dissolution proceedings is effective when a notice of revocation is filed with the secretary of state. After the notice is filed, the cooperative may resume business.
History:1989 c 144 art 3 s 33