2007 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.
History: 1989 c 144 art 1 s 41; art 3 s 29