Section 5-631 - Dissolution - Cooperatives that have not begun doing business. - Maryland Statutes

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

(a)  In general.- A cooperative that has not begun doing business may be dissolved by filing articles of dissolution for record with the Department. 

(b)  Execution of articles of dissolution.- The articles of dissolution shall be signed and acknowledged for the cooperative by a majority of the incorporators of the cooperative. 

(c)  Contents of articles of dissolution.- 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. 
 

[2002, ch. 135, § 3.]