A telephone cooperative which has not commenced business may dissolve voluntarily by delivering to the Secretary of State articles of dissolution, executed and acknowledged on behalf of the telephone cooperative by a majority of the incorporators, and shall state:

1. (1) the name of the telephone cooperative;
2. (2) the address of its principal office;
3. (3) the date of its incorporation;
4. (4) that the telephone cooperative has not commenced any business;
5. (5) that the amount, if any, actually paid in on account of membership fees, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto and that all easements have been released to the grantors;
6. (6) that no debt of the telephone cooperative remains unpaid; and

7. (7) that a majority of the incorporators elect that the telephone cooperative be dissolved.

   The articles of dissolution must be submitted to the Secretary of State for filing as provided in this chapter.

HISTORY: 1994 Act No. 392, Section 1.