2004 Minnesota Statutes

     308A.901 Liquidation. 

    Subdivision 1.    Members may authorize liquidation.  If 
 a liquidation is authorized by the members, the board may 
 dispose of all or substantially all of the property of the 
 cooperative on terms and conditions determined by the board.  

    Subd. 2.    Resolution at members' meeting.  The members 
 may authorize a liquidation by adopting a resolution at a 
 members' meeting.  The notice of the members' meeting must 
 include a statement that the disposition of the property of the 
 cooperative will be considered at the meeting.  If a quorum is 
 present in person or by mail ballot at the members' meeting, the 
 resolution approving of the liquidation is adopted if:  

    (1) approved by two-thirds of the votes cast; or 

    (2) for a cooperative with articles or bylaws requiring 
 more than two-thirds for approval or other conditions for 
 approval, the resolution is approved by the proportion of the 
 votes cast or a number of total members as required by the 
 articles or bylaws and the conditions for approval in the 
 articles or bylaws have been satisfied.  

    HIST: 1989 c 144 art 1 s 41; art 3 s 29