Two-thirds of the membership of the board of directors shall first recommend to the membership that the telephone cooperative be dissolved. The proposition that the telephone cooperative be dissolved must be submitted to the membership of the telephone cooperative for a vote at a special meeting of the membership called only for this purpose. The notice for the meeting at which a proposal to dissolve the telephone cooperative is considered shall set forth:
(1) a detailed proposition for dissolution;
(2) the plan for sale and distribution of assets;
(3) the plan for continuance of service; and
(4) the time and location of the meeting.
The proposed voluntary dissolution is approved upon affirmative vote of not less than two-thirds of the members of the telephone cooperative.
HISTORY: 1994 Act No. 392, Section 1.