Except as otherwise provided in Sections 16-16-1203 and 16-16-1211, a limited cooperative association is dissolved and its activities shall be wound up:

(1)	upon the occurrence of an event or at a time specified in the articles of organization;

(2)	upon the action of the association’s organizers, board of directors, or members under Section 16-16-1204 or 16-16-1205; or

(3)

90 days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association: (a)  has a sole member that is a cooperative; or (b)  not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member.

Amended by Chapter 378, 2010 General Session