Section 7-56-701 - Authorization of dissolution before issuance of memberships

If a cooperative has not yet issued memberships, a majority of its directors or, if the initial directors designated in the articles have not met or if not designated in the articles have not been elected, a majority of its incorporators, may authorize the dissolution of the cooperative.L. 96: Entire article R&RE, p. 522, § 1, effective July 1.This section is similar to former § 7-55-114 as it existed prior to 1996.