Arizona Arizona Revised Statutes

§ 10-2143 — Dissolution

ARS § 10-2143Title 10. Corporations and Associations · Ch. 19. NOT FOR PROFIT CORPORATIONS AND ASSOCIATIONS, COOPERATIVES AND FRATERNAL AND BENEVOLENT SOCIETIES · Art. 4. Nonprofit Electric Generation and Transmission Cooperative Corporations

Statute text

View on source

10-2143. Dissolution A. A generation and transmission cooperative that has not commenced business may dissolve voluntarily by delivering to the corporation commission articles of dissolution, executed and acknowledged on behalf of the generation and transmission cooperative by a majority of the incorporators, which shall state: 1. The name of the generation and transmission cooperative. 2. The address of its principal office. 3. The date of its incorporation. 4. That the generation and transmission cooperative has not commenced business. 5. That the amount, if any, actually paid in on account of membership fees, less any part disbursed for necessary expenses, has been returned to those entitled and that all easements have been released to the grantors. 6. That no debt of the generation and transmission cooperative remains unpaid. 7. That a majority of the incorporators elect that the generation and transmission cooperative be dissolved. The articles of dissolution shall be submitted to the corporation commission for filing as provided in this article. B. A generation and transmission cooperative that has commenced business may dissolve voluntarily and wind up its affairs in the following manner: 1. The proposition that the generation and transmission cooperative be dissolved must be submitted to the members of the generation and transmission cooperative at any meeting. The meeting notice shall state the proposition. The proposed voluntary dissolution is deemed to be approved on the affirmative vote of not less than two-thirds of those members acting through their voting delegates voting at the meeting. 2. On approval, a certificate of election to dissolve, designated the "certificate", shall be executed by the generation and transmission cooperative. The certificate shall be submitted to the corporation commission for filing as provided in this article and shall state:

…