A majority of the organizers or initial directors of a cooperative that has not issued interests or has not commenced business may dissolve the cooperative by delivering to the secretary of state for filing articles of dissolution that set forth all of the following:
 1. The name of the cooperative.

Terms Used In Iowa Code 501.801

  • Articles: means the cooperative's articles of association. See Iowa Code 501.101
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Cooperative: means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501. See Iowa Code 501.101
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
 2. The date of its organization.
 3. Either of the following:

 a. That none of the cooperative’s interests have been issued.
 b. That the cooperative has not commenced business.
 4. That no debt of the cooperative remains unpaid.
 5. That the net assets of the cooperative remaining after winding up have been distributed in accordance with this chapter and the articles of association of the cooperative.
 6. That a majority of the organizers or initial directors authorized the dissolution.
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