N.D. Cent. Code § 10-15-43
This is the official text of N.D. Cent. Code § 10-15-43, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-15-43. Division of a cooperative
Official statutory text
10-15-43. Division of a cooperative
1. Any cooperative may divide itself into two or more cooperatives under this chapter. A
written plan of division shall be prepared by the board or by a committee selected by
the board for that purpose. Such plan shall set forth all the terms of the division and
the proposed effect thereof on all members and stockholders of the cooperative. The
plan shall also contain the articles of each new cooperative being formed and any
amendments to the articles of the remaining cooperative.
2. The members shall approve the plan in the manner provided in section 10-15-37 for
amendments to articles.
3. Articles of division shall set forth the approved plan and such other information as is
required by section 10-15-38 and shall be filed as an amendment to the articles. Each
part of the plan which contains the articles of a new cooperative shall be separately
filed as articles of association for such new cooperative.
1. Any cooperative may divide itself into two or more cooperatives under this chapter. A
written plan of division shall be prepared by the board or by a committee selected by
the board for that purpose. Such plan shall set forth all the terms of the division and
the proposed effect thereof on all members and stockholders of the cooperative. The
plan shall also contain the articles of each new cooperative being formed and any
amendments to the articles of the remaining cooperative.
2. The members shall approve the plan in the manner provided in section 10-15-37 for
amendments to articles.
3. Articles of division shall set forth the approved plan and such other information as is
required by section 10-15-38 and shall be filed as an amendment to the articles. Each
part of the plan which contains the articles of a new cooperative shall be separately
filed as articles of association for such new cooperative.
Status: in_force · Read it on the official government site
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