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§ 5-631. Dissolution; cooperatives that have not begun doing business

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 6. Electric Cooperatives
Part V. Consolidation, Merger, Conversion, and Dissolution
MD Code, Corporations and Associations, § 5-631
§ 5-631. Dissolution; cooperatives that have not begun doing business
Currentness
In general
(a) A cooperative that has not begun doing business may be dissolved by filing articles of dissolution for record with the Department.
Execution of articles of dissolution
(b) The articles of dissolution shall be signed and acknowledged for the cooperative by a majority of the incorporators of the cooperative.
Contents of articles of dissolution
(c) The articles of dissolution shall contain:
(1) The name of the cooperative and the address of its principal office; and
(2) A statement that:
(i) The cooperative has not begun doing business;
(ii) Any money received by the cooperative, less any disbursements for expenses of the cooperative, has been returned or paid to the persons entitled to the money;
(iii) All debts of the cooperative have been paid; and
(iv) A majority of the incorporators of the cooperative elect that the cooperative be dissolved.

Credits

Added by Acts 2002, c. 135, § 3, eff. Oct. 1, 2002.
MD Code, Corporations and Associations, § 5-631, MD CORP & ASSNS § 5-631
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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