Upon dissolution, after (a) all debts and liabilities of the Cooperative shall have been paid, and (b) all capital furnished through patronage shall have been retired as provided by these bylaws, the remaining property and assets of the Cooperative shall be distributed among the members and former members in the proportion which the aggregate patronage of each bears to the total patronage of all members during the 7 years next preceding the dates of the filing of the certificate of dissolution or, if the Cooperative shall not have been in existence for such period, during the period of its existence.
Article II Rights & Liabilities
The private property of the members shall be exempt from execution or other liability for the debts of the Cooperative, and no member shall be individually liable or responsible for any debts or liabilities of the Cooperative.
A member has the right to review and make excerpts from Cooperative records and documents for any proper purpose. Procedure for access to records shall be prescribed and set forth by the Board of Directors.
A member may request that these bylaws be altered, amended, or repealed by the following process. A recommendation for alteration, amendment, or repeal shall be accompanied by a petition signed by not less than 2% of the membership. Only 1 party in a joint membership may sign a petition. In case of both parties signing, 1 signature shall be disqualified.
Such a petition for alteration, amendment, or repeal shall be delivered to the Cooperative business office by the petitioner not less than 90 calendar days prior to a regular members' meeting or special members' meeting. Such time will allow for a process, as set forth by the Board of Directors, to review the material to insure it meets legal requirements and does not conflict with the articles of incorporation and have it ready to publish with the members' meeting notice.
In the event the Board of Directors disagrees with any proposed changes, then it shall:
- First, negotiate with the supporter(s) of the change to attempt to come to an agreed-upon proposal.
- Second, if that process fails, then the Board of Directors shall publish a statement of objection supported by reasons to accompany the proposal, and if that happens:
- Then the supporter(s) of the proposal shall be entitled to also include a statement of support for the proposal.
If the submission of alteration, amendment, or repeal requires a special meeting, the petitioner shall accompany his bylaw petition with a request for a special members' meeting as set forth in Article III, Section 2 of these bylaws.