Maine § 35-A §3755 Dissolution generally

Maine Statutes

§ 35-A §3755 — Dissolution generally

Maine § 35-A §3755

Title 35-APUBLIC UTILITIES

Part 3ELECTRIC POWER

Ch. 37RURAL ELECTRIFICATION COOPERATIVES

This text of Maine § 35-A §3755 (Dissolution generally) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 35-A, § 35-A §3755 (2026).

Text

1.When a cooperative has not commenced business. A cooperative which has not commenced business may be dissolved by delivery to the Secretary of State articles of dissolution which shall be executed and acknowledged on behalf of the cooperative by a majority of the incorporators and which shall state:

2.When cooperative has commenced business. A cooperative which has commenced business may be dissolved in the following manner.

3.Notice to creditors. The board of trustees shall immediately cause notice of the dissolution proceedings to be mailed to each known creditor of and claimant against the cooperative and to be published once a week for 2 successive weeks in a newspaper of general circulation in the county in which the principal office of the cooperative is located.

4.Actions agai

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1.
When a cooperative has not commenced business.
A cooperative which has not commenced business may be dissolved by delivery to the Secretary of State articles of dissolution which shall be executed and acknowledged on behalf of the cooperative by a majority of the incorporators and which shall state:
2.
When cooperative has commenced business.
A cooperative which has commenced business may be dissolved in the following manner.
3.
Notice to creditors.
The board of trustees shall immediately cause notice of the dissolution proceedings to be mailed to each known creditor of and claimant against the cooperative and to be published once a week for 2 successive weeks in a newspaper of general circulation in the county in which the principal office of the cooperative is located.
4.
Actions against the cooperative.
All actions against the cooperative shall be commenced within one year from the date of filing the certificate of election to dissolve.
5.
Winding up cooperative affairs.
The board of trustees shall wind up and settle the affairs of the cooperative, collect sums owing to it, liquidate its property and assets, pay and discharge its debts, obligations and liabilities and perform all other acts required to wind up its business. After paying or discharging or adequately providing for the payment or discharge of all its debts, obligations and liabilities, the board of trustees shall, after one year from the date of filing the certificate to dissolve, distribute any remaining sums among its members and former members in proportion to the patronage of the respective members or former members during the 7 years next preceding the date of the filing of the certificate by the Secretary of State, or if the cooperative has not been in existence for that period, then during the period of its existence prior to the filing.
6.
Articles of dissolution when a cooperative has commenced business.
The board of trustees shall, upon the winding up of the cooperative, authorize the execution of articles of dissolution, which shall be executed and acknowledged on behalf of the cooperative by its president or vice-president, and its seal shall be affixed to the articles and attested by its secretary. The president or vice-president executing the articles of dissolution shall make and attach to the articles an affidavit stating that the statements made in them are true. The articles of dissolution shall recite that they are executed pursuant to this chapter and shall state: