Arizona Arizona Revised Statutes
§ 10-2077 — Dissolution
ARS § 10-2077Title 10. Corporations and Associations · Ch. 19. NOT FOR PROFIT CORPORATIONS AND ASSOCIATIONS, COOPERATIVES AND FRATERNAL AND BENEVOLENT SOCIETIES · Art. 2. Electric Cooperative Nonprofit Membership Corporations
Statute text
View on source10-2077. Dissolution A. A cooperative that has not commenced business may be dissolved by delivering to the corporation commission articles of dissolution, which shall be executed by the cooperative and which shall state: 1. The name of the cooperative. 2. The address of its principal office. 3. That the cooperative has not commenced business. 4. That any monies received by the cooperative, less any part disbursed for expenses of the cooperative, have been returned or paid to those entitled to the monies. 5. That no debt of the cooperative is unpaid. 6. That a majority of the incorporators elect that the cooperative be dissolved. B. A cooperative that has commenced business may be dissolved in the following manner: 1. The proposition to dissolve shall be submitted to the members of the cooperative at any annual or special meeting, the notice of which shall set forth the proposition. 2. The members at the meeting shall approve, by the affirmative vote of not less than a majority of all members of the cooperative, the proposition that the cooperative be dissolved. 3. On approval, a certificate of election to dissolve, designated in this subsection as the "certificate", shall be executed by the cooperative. 4. The certificate shall state:
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