1. (1) Except as otherwise provided in sections 7-58-1203 and 7-90-908, a limited cooperative association is dissolved and its activities must be wound up:

   1. (a) Upon the occurrence of an event or at a time specified in the articles;
   2. (b) Upon the action of the association's organizers, board of directors, or members under section 7-58-1205 or 7-58-1206; or

   3. (c) Ninety days after the dissociation of a member that results in the association having one patron member and no other members, unless the association:

      1. (I) Has a sole member that is a cooperative; or
      2. (II) Not later than the end of the ninety-day period, admits at least one member in accordance with the articles or bylaws and has at least two members, at least one of which is a patron member.

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 804, § 1, effective April 2, 2012.